We're seeing bearish price action run up against a tested demand zone. What happens next? - BEAR SITUATION: price chews through the established demand zone and makes decisive new lows - NEUTRAL SITUATION: price sticks closely to this fat demand zone, fluctuating as we accumulate or mull over selling - BULL SITUATION: price rebounds up to form a similar two peaked lower higher, as the market has down twice now
My conclusion/leanings: While I wouldn't open new longs here, I wouldn't be selling either. Bear crowds are out in force screaming for 3k, but we still haven't made decisive new lows. Morale is low, but volume is low too. I think the bears are bluffing.
High risk longs could start accumulating here, knowing they might be averaging down their price
OR
Wait until the market starts acting up again.
*dissapears*
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Freehand drew the shape for 3 months - hit that play button