It needs to overcome the following factors:
1. Break through the demand zone above its current price.
2. It needs to overcome $19,000,000 of daily selling.
3. It needs to overcome $4,000,000,000 worth of daily monetary tightening.
For it to overcome 2 and 3 it needs to be sufficiently over sold for new money to be able to lift its price.
Until it gets through the upper demand zone, into the demand zone above that and retraces, I'm not sure that the above 3 criteria have been met.
1. Break through the demand zone above its current price.
2. It needs to overcome $19,000,000 of daily selling.
3. It needs to overcome $4,000,000,000 worth of daily monetary tightening.
For it to overcome 2 and 3 it needs to be sufficiently over sold for new money to be able to lift its price.
Until it gets through the upper demand zone, into the demand zone above that and retraces, I'm not sure that the above 3 criteria have been met.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.