Context:
After a price attempted a rallie and brokeout a former resistance level @79xx
we found resistance @807x , price did respect the 50% level @7818 but the rallie
came to an early halt and formed a lower high , price now is on its way
to test the 50% level @7818 again, to reconsider any strengt returning into the market
price needs to clear the down channel to the upside at this point.
signs of strenght:
strong rallie
broken resitance @79xx
50% retracement respected
signs of weakness:
price formed a lower high
price broke a minor support
price currently is within a down channel
After a price attempted a rallie and brokeout a former resistance level @79xx
we found resistance @807x , price did respect the 50% level @7818 but the rallie
came to an early halt and formed a lower high , price now is on its way
to test the 50% level @7818 again, to reconsider any strengt returning into the market
price needs to clear the down channel to the upside at this point.
signs of strenght:
strong rallie
broken resitance @79xx
50% retracement respected
signs of weakness:
price formed a lower high
price broke a minor support
price currently is within a down channel