Just like in my previous publish when we were approaching a Christmas breakout. The difference this time is that the price is near a line of attraction which the price will gravitate to. This dotted line existed pre-peak as well. If the price is able to break-out past the red line of resistance, we might see another spike up followed by a retraction similar to the Christmas Breakout. The price will pull back within the new lines continuing an overall downward trend albeit at a lesser decline than before. There are two lower floors that exist that I would consider a 2nd chance opportunity for FOMO people to average down, and new people jump in as we head into L2 release.
Note
If we don't breakout we are looking at a return to the upper floor Jan 5-6. If the lines of resistance hold, then Jan 9-11th is going to tell us if we will have a major breakout, or a massive decline back down to Sept '21 prices.Note
One last thing to consider: The upward price action happening today is achieved with massively less volume than ever before. Volume is become more powerful in moving the price.
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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.