Headfake
We see a bit of volume take out multiple supports from hourly EMAs and a short term channel last night. In these cases, you'd expect more follow through to S1 and the lower channel lines (red zone). We found levels around 920-900 but in broader periods, those are weak relative to historic volume.
Curiously, we're hanging around the upper ranges of the these long term channels. You would expect a rapid rejection of 900 on signals like this but that price is still available with supply. What we could see is a big seller push into the green zone for a better chance to dump size. This gives them higher average distribution price and increased liquidity (channel breakout buyers and short stops at the top of the consolidation range) for a reasonable fee (given current volumes and order book).
Watch for a green zone test. Failure accelerates movement to S1 and success sets up the channel breakout - which seems less likely given recent decreasing volume.
#MarketParty
Curiously, we're hanging around the upper ranges of the these long term channels. You would expect a rapid rejection of 900 on signals like this but that price is still available with supply. What we could see is a big seller push into the green zone for a better chance to dump size. This gives them higher average distribution price and increased liquidity (channel breakout buyers and short stops at the top of the consolidation range) for a reasonable fee (given current volumes and order book).
Watch for a green zone test. Failure accelerates movement to S1 and success sets up the channel breakout - which seems less likely given recent decreasing volume.
#MarketParty
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.