In short - Since hitting our high we have been in distribution mode, sadly, as seen by a laddering down (lower highs formed). We had broken two hold levels.
Should we fail to attack $32850 will see $32000 be resistance also.
Bulls need to attack 32850 break out level.
Bears need to defend 32000 hold level.
Simple as that really!
At the moment the 32850 is not...
1) at a Break Level
2) Breaking a long term Downtrend
3) Laddering up on a two week Support.
Hold Levels Hold down the move up, you dont want to hit these in the short term.
Break Levels when hit are bullish for price.