Look at these central Pivot points (purple lines holding us back. They look about the same right? This is actually a freak occurrence I have not seen. Because these are the Daily, Weekly, and Monthly pivot point. what typically is normal is that these points can be hundreds or even over 1000 dollars difference in price. As of right now. they have all come to meet in the same location that we are currently being held under.
What does it mean? It is unclear. It may mean that this place may act as very hard resistance. It could also mean strong conviction and volatility break and closing above them. One thing is for sure though. It is a good place to manage a trade from. I wouldn't get bullish below them. And I probably wouldn't be as bearish if we climbed back above them.
What are your thoughts on the matter?
What does it mean? It is unclear. It may mean that this place may act as very hard resistance. It could also mean strong conviction and volatility break and closing above them. One thing is for sure though. It is a good place to manage a trade from. I wouldn't get bullish below them. And I probably wouldn't be as bearish if we climbed back above them.
What are your thoughts on the matter?