During the initial LRC pump, theres was a rotation area where strong buyers added to their longs, and the price continued to drive upwards from that zone - see left hand most volume profile.
This zone should have acted as an area of strong support as price settled down from the ATH, however instead price dived through this zone to a lower level.
This support should theoretically become new resistance, as it is where strong sellers added to their short positions - see right most volume profile.
There has now been a pullback, providing an opportunity for a good position long or short depending on the reaction to this key zone.
This zone should have acted as an area of strong support as price settled down from the ATH, however instead price dived through this zone to a lower level.
This support should theoretically become new resistance, as it is where strong sellers added to their short positions - see right most volume profile.
There has now been a pullback, providing an opportunity for a good position long or short depending on the reaction to this key zone.