New Resistance TrapThe buyers that used the 20K supportive region to buy got liquidated, subconsciously they will now use this previous support as resistance.
I think the market will take advantage of this thought process to liquidate buyers who turned sellers all over again.
We have created a minor head and shoulders pattern, when we break out of this and lure more sellers into the market, the true stop hunt should come.
When the secondary stop hunt is complete, we can look for some short-term sales. Until then we must sit on our hands and above the price action and most importantly, the market psychology.
Buyertrap
Eurcad buyer trap price has been rising fallowing clean trend line, started making lower highs showing selling pressure, then creates clean highs , smashed through them and retests to inject massive amounts of buy orders, then engulfing previous swing low completely. The floor is about to fall out of this pair