So, we can observe some zones of buyer and seller interests.
Currently, we are in an accumulation phase 1H, and this can either result in failure or success. The likelihood of failure is higher towards the nearest support (orange zone) if the seller returns and perceives the weakness of the buyer; in such a case, the seller may initiate market selling. Presently, the seller has been using limit orders in (the red zone 37 250-37 500) to prevent the price from rising. The closest support zone for the buyer is at 36,250, and they need to hold it. If they are unable or unwilling to do so, the price could immediately start moving towards (the green zone).
Currently, we are in an accumulation phase 1H, and this can either result in failure or success. The likelihood of failure is higher towards the nearest support (orange zone) if the seller returns and perceives the weakness of the buyer; in such a case, the seller may initiate market selling. Presently, the seller has been using limit orders in (the red zone 37 250-37 500) to prevent the price from rising. The closest support zone for the buyer is at 36,250, and they need to hold it. If they are unable or unwilling to do so, the price could immediately start moving towards (the green zone).
Note
36 768 - Buyers are making an effort to sustain the local flat support, which is a positive sign.Trade active
As I expected, the buyer has held the zone at 36,250.
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Related publications
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.