Been absorbing supply at the 28k-30k even since the week of the 17 May'21. Buy have failed to break upside ever since after many retest of it in reason of how the supply has been and remained in power ever since the touch of 60k in last March
On the week of the 14 June it closed on a rejection of the 30k area with supply absorption, but that supply was pretty heavy. And heavy enough that the week after ( 21 June'21) we saw sign of absorption again but an heavy powered supply also, that even made it to 28k to get absorbed.
With an heavy supply like it, and an important absorption as we have been seeing, I do expect more test of 28k-30k to decrease the supply before seeing any break upside 40k, that I expect eventually
but with a heavy supply that got still absorbed, it tell that the buying interest is also strongly present, so ready for any retest of 40k( which is also a logic option) and even a break of it on a SOS
another update coming up on lower time frame
On the week of the 14 June it closed on a rejection of the 30k area with supply absorption, but that supply was pretty heavy. And heavy enough that the week after ( 21 June'21) we saw sign of absorption again but an heavy powered supply also, that even made it to 28k to get absorbed.
With an heavy supply like it, and an important absorption as we have been seeing, I do expect more test of 28k-30k to decrease the supply before seeing any break upside 40k, that I expect eventually
but with a heavy supply that got still absorbed, it tell that the buying interest is also strongly present, so ready for any retest of 40k( which is also a logic option) and even a break of it on a SOS
another update coming up on lower time frame