| Since the correction off the highs, price has basically gone nowhere, same range, same rejection zone up top, same floor underneath, over and over for weeks. Thats not indecision, thats accumulation, and its worth knowing what's actually sitting below this range if it ever gets tested again. The prior all time high, the strongest resistance this asset has ever had, already flipped into support months back when the range lows first got made. Every retest of that zone since has held. Chop like this above a level that strong usually means the range is doing its job, absorbing supply before the next move, not signaling weakness. Doesnt mean the range breaks up from here, ranges can resolve either direction. But if it does eventually get tested, thats not new territory, thats a level that's already proven it can hold, more than once. Time to pay attention. The longer the consolidation the further the _________ [link] [comments] |
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