The previous all-time high from September 2011 at $1920 is playing a major role in price action yet again. Price reacted to this level in March 2022, where the high of that candle also tagged the current all-time high at $2075.
Price failed at both resistance levels and went on a decline, creating a low at $1614 in September 2022. November 2022 through to the current month have been bullish, bringing us to where price is now.
During the month, price has traded above $1920, but as we are nearing the end of the month, the sellers have pulled price down to this level where it could be acting as support on the daily timeframe.
Despite the bullish impulsive moves over the last three months, remember that a long-term consolidation is still in play from September 2011. Until we see a trend emerge above the all-time high, expect turbulence and volatility along the way.
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i just wanted to share these maybe this is a bull fakeout in semis if this trend continues im betting on the dollar causing a pullback in safehaven assets as well as bitcoin im still buying us equity, crypto, and metals long term
Sublime_Trading
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@cerealpatterns, thanks for sharing and sorry for the late reply. Gold is still struggling to breakout so patience is still needed. Stocks and forex are looking more interesting than commodities. Palladium for a short is looking possible. We did a recent post on this.
maybe this is a bull fakeout in semis
if this trend continues im betting on the dollar causing a pullback in safehaven assets as well as bitcoin
im still buying us equity, crypto, and metals long term