Green rectangles indicate price ranges. Our current range is a few hundred $ lower than the first green rectangle, with far less wicks above $8,800. Lower lows, and lower highs puts us in a descending channel. Additionally, we are experiencing ~33% less volume. Expecting a retest of $8,400 minimum, with a moderate likelihood of $8,000-8,200 range due to lack of buyside support.
Note
Both previous attempts (in June) to break $8,450, the 20 period volume moving average was 2x as high as it is currently. Additionally, for our current hourly candle, the price moved ~-150 to attempt 8,450. The other attempts the price didn't move nearly as much (~-60 for those attempts). So after accounting for the delta in the price and decrease in volume, you have ~1/3rd or 1/4th the dip buyers as the previous attempts. We're probably going lower.
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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.