Looks like price wants to go and test R1
The accumulations period might have just finished. Accumulation, usually means a ranging period in trading technical terms. In bearish market, distribution happens instead; thus accumulation in the bullish market and distribution in the bearish market.
From the price action, you will notice that there have been nearly no sellers in this market. You can tell by the candlestick formations. The candlesticks indicates us a weakness in supply. This means that there is demand within this price range.
Good luck and Happy Trading :)
The accumulations period might have just finished. Accumulation, usually means a ranging period in trading technical terms. In bearish market, distribution happens instead; thus accumulation in the bullish market and distribution in the bearish market.
From the price action, you will notice that there have been nearly no sellers in this market. You can tell by the candlestick formations. The candlesticks indicates us a weakness in supply. This means that there is demand within this price range.
Good luck and Happy Trading :)