This is an update to our last post:
So far this chart has played out phenomenally well with its key levels. Our "additional support" box held during the price collapse and price is currently trying to maintain above our purple line (which was the previous high).
Now the main thing that needs to happen for price to continue to new highs is to break above the black trendline. Sellers have come in and held that trendline as a resistance level so if price is able to break above and flip that into a new support level that would be the signal for new highs to be tested.
So far this chart has played out phenomenally well with its key levels. Our "additional support" box held during the price collapse and price is currently trying to maintain above our purple line (which was the previous high).
Now the main thing that needs to happen for price to continue to new highs is to break above the black trendline. Sellers have come in and held that trendline as a resistance level so if price is able to break above and flip that into a new support level that would be the signal for new highs to be tested.
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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.
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.