Interesting lines to why we might face so much resistance here
The green and yellow line represents the channel which both the 2012 and 2016 accumulation took part in. We have never been able to build support here since. In 2019 during the summer, we visited this narrowing channel once again as we were forming a top, and got rejected below.
The blue line is drawn from the top of the 2013 rally (weekly tops, not wicks). We barely pushed through this line when we made the 2017 top, and have never been able to hold above this line either.
This would mean, that if we are able to build support above these levels, and go higher, there is a chance of turning the historical resistance levels that we are facing now, into support. If it does, its a paradigm shift in terms of macro price action in my eyes.
If not, the price may have to go down to gather the energy to one day push through. However, the macro picture to me looks very determined to conquering these levels.
Exciting times!
The blue line is drawn from the top of the 2013 rally (weekly tops, not wicks). We barely pushed through this line when we made the 2017 top, and have never been able to hold above this line either.
This would mean, that if we are able to build support above these levels, and go higher, there is a chance of turning the historical resistance levels that we are facing now, into support. If it does, its a paradigm shift in terms of macro price action in my eyes.
If not, the price may have to go down to gather the energy to one day push through. However, the macro picture to me looks very determined to conquering these levels.
Exciting times!
Comment:
Looks rejected atm.
Comment:
Barely holding the green line with a wick below. Not good, to me this can go much lower. A wick on the green line would be bullish, barely holding on to it is dangerous.