The recent supply pressure was low. Low enough that if enough demand is met at fib it may get drawn toward that price level (path of least resistance).
If you zoom out to the 1 hour you will also see an RSI POS DIV. There was a very obvious divergence early in the week, even with the bump in volume, that did not go anywhere. Ive mentioned this before but if you don't already know: Divergences are not all you need to confirm a directional trend change... A divergence is only one part of the puzzle. Volume first.
Courses of action (COA):
1- (long) Buyers/demand shows at fib and or key support and it marks-up to the next higher trading range
(25 RSI and below)
2- (short) Price continues to float (off hours) and is able to reach key resistance through that low pressure zone where it does hit the sellers pushing price back down towards support (75 RSI and above)
Note: if not familiar with accumulation or distribution and its relationship with RSI, just ignore how I use it.
Sources of education:
Richard Wyckoff
Tom Williams Volume spread analysis VSA/ Master the Markets
Pete Faders VSA*
Read the ticker dot com
Wyckoff analytics
Dee Nixon
Avoid buying into weakness/supply/resistance
Avoid selling into strength/demand/support
Avoid entry when price is in middle of a range (phase B)
If you zoom out to the 1 hour you will also see an RSI POS DIV. There was a very obvious divergence early in the week, even with the bump in volume, that did not go anywhere. Ive mentioned this before but if you don't already know: Divergences are not all you need to confirm a directional trend change... A divergence is only one part of the puzzle. Volume first.
Courses of action (COA):
1- (long) Buyers/demand shows at fib and or key support and it marks-up to the next higher trading range
(25 RSI and below)
2- (short) Price continues to float (off hours) and is able to reach key resistance through that low pressure zone where it does hit the sellers pushing price back down towards support (75 RSI and above)
Note: if not familiar with accumulation or distribution and its relationship with RSI, just ignore how I use it.
Sources of education:
Richard Wyckoff
Tom Williams Volume spread analysis VSA/ Master the Markets
Pete Faders VSA*
Read the ticker dot com
Wyckoff analytics
Dee Nixon
Avoid buying into weakness/supply/resistance
Avoid selling into strength/demand/support
Avoid entry when price is in middle of a range (phase B)