not something im thinking of placing a position on - just sharing my thoughts. Here we see a breakthrough of support, movement down to the next support and a rejection. Looking at the chart on the 4hr tf it does display characteristics of a head and shoulders pattern so one possibility could be movment up to a new resistance (the previously broken support level) as a pullback before dropping down again but further. Thats one possibility.
The second could also be that this breakthrough of support was just a trap for early buyers thinking it would head straight up after touching the support. Instead it broke right through possibly stopping many retailers out. This may also lead sellers to enter the market using that break of support as a selling signal. after hitting the support price could then just rise straight back up to the resistance nearing 133.600 or so. In addition to stopping early buyers, it could be an opportunity to gain liquidity to push back up.
Hopefully this will add to your analyses and we can all succeed together! :)
The second could also be that this breakthrough of support was just a trap for early buyers thinking it would head straight up after touching the support. Instead it broke right through possibly stopping many retailers out. This may also lead sellers to enter the market using that break of support as a selling signal. after hitting the support price could then just rise straight back up to the resistance nearing 133.600 or so. In addition to stopping early buyers, it could be an opportunity to gain liquidity to push back up.
Hopefully this will add to your analyses and we can all succeed together! :)