Community discussions
Key Observations
• Support Tested: Price dipped close to the critical support zone, triggering stops and another round of shakeout, but so far hasn’t followed through with heavy breakdown selling.
• Volume: The test happened with only modest volume—no major RVOL spike—indicating that sellers may be running out of strength, and major liquidation did not occur.
• Bounce Attempt: The latest candles show a small rebound, reclaiming some ground after the push lower, suggesting early signs of absorption at the lower trendline.
• Channel Intact: The price remains within the larger descending/accumulation channel, with support holding (for now) at $1,073–$1,075.
Interpretation
• The recent probe lower looks like another attempt to flush out remaining weak holders and test demand at established support, characteristic of late-stage accumulation.
• Lack of follow-through on the breakdown, combined with support holding and a minor bounce, supports the thesis that strong hands are continuing to absorb supply without aggressive new selling.
* sorry I had a date typo in my earlier post, plus this recap is more concise *
• Transition in Dynamics: November 3 exhibited capitulation and forced selling, with high RVOL and deep price movement. November 4 reverted to low-energy, rangebound trading on modest volume, confirming that the worst of the selling burst is over and the base is stabilizing.
• Accumulation Context: This is classic late-stage accumulation structure—one last high-volume flush, then weakening selling pressure, followed by flat-to-low RVOL as the market compresses before a catalyst or breakout.
Summary: Nov 3 was about shaking out remaining weak holders with high-volume selling; Nov 4 featured lower volume and RVOL, revealing fading selling pressure and strengthening support as accumulation continues.