Price previously made a false breakout of the key level zone which was a sweep for liquidity to push price back above the zone. Price is now pulling back again towards the key level zone for one last retest, where buyers may be preparing to push price back to the upside again.
A falling wedge bullish reversal pattern may also be presenting itself aligning at the key zone, which is another confluence that we may see another reaction above the key level (Gray zone).
A perfect time for the institutions to jump back in & pump price again as the hype is dying down for the vast majority.
A falling wedge bullish reversal pattern may also be presenting itself aligning at the key zone, which is another confluence that we may see another reaction above the key level (Gray zone).
A perfect time for the institutions to jump back in & pump price again as the hype is dying down for the vast majority.
Comment:
Daily Timeframe Outlook: Looking left, you can see in green the movement that took place previously from the key zone on the higher timeframe, & price is coming down for a 3rd touch into the zone again where an even bigger reaction could occur to push price back towards 71K.