We had some slight signs of accumulation a few days ago, and when price broke downwards it was supported by buyers. We now seems to be in some sort of absorption phase on the 5 min, signs of a test upwards. If we have indeed been accumulating at the higher price levels as we suspect, we will probably go back to that level for a brief time before testing much higher.
The long play is the less risky move right now.
5 min
The long play is the less risky move right now.
5 min
Note
Price broke down the area we thought was the accumulation zone and is now again ranging. We're a bit more confident that this is the possible bottom since we've been hanging around here for a few days and the selling pressure has largely been withdrawn.1 day
30 min
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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.