As stated in prior post selling was to be expected as it entered the congestion zone of Jan this year. Lots of activity at that price zone and lots of buyers caught in Jan getting out now at even or close now that prices have revisited their entry. Dropped to 9500 as forecasted in prior post. Flipping to a 4hr shows heavy volume
selling in red zone and 15 min shows ample supply for sale in the 10500 range still and now testing the high volume
low of 9500 on that timeframe. It has dried up now at this price range and the balance will tip one way or the other soon. It is showing a pattern of "wider ranging bars" which is indicative of volatility
can very well be a sign of more downside to come, yet but I think prices still want to revisit upper channel at some point.
It has dropped from channel which just shows momentum has slowed, and is trading in an indecision range as sellers dry up and buyers have not stepped in. There is not a lot of selling pressure in this price range and it will have to see which way it breaks. It may need to drop more to attract buyers but a move lower could bring in more sellers and test 9000- 8900 and possibly 8500 if weak hands get shaken out there.
A close above 10150 and upside should resume. Although weakening, short term momentum is down. Traders should drop to smaller timeframes for entries and exits and position traders should wait for support pivot points
or confirmation before entering.