The range I'm watching remains the same as it's been for the past week; 48.02 - 55.00, and we're much more closer to a bear break than to a bull break. The is signaling momentum, backing up the selling pressure we're seeing on the charts. has been well below average for the past two weeks in a row and I expect that pattern to continue until we get a break of that range.
Much like the price action, daily is tight against the as well.
I feel like a broken record to keep using the same phrase, but the bulls really have their backs against the wall here and to make a move, or lose the daily uptrend and significantly shift momentum just two weeks out from legalization. I am absolutely looking to enter a swing short entry on the loss of $48.00 psychological support, looking for significant follow-through to the downside
Many people are looking for a bull run into Oct 17th and I keep pointing out one thing. We've been running since Aug 14th, during which the price has increased more than 120%. That's significant and this run will not continue forever. The psychology of the chart is bulls fighting as hard as they can waiting for the buyers that everybody thinks are about to show up. If those buyers don't show up, investors are going to take profit, and that will result in a bear break and a significant shirt in momentum for the entire sector.