Headfake
We see a bit of volume take out multiple supports from hourly EMAs and a short term channel last night. In these cases, you'd expect more follow through to S1 and the lower channel lines (red zone). We found levels around 920-900 but in broader periods, those are weak relative to historic volume.
Curiously, we're hanging around the upper ranges of the these long term channels. You would expect a rapid rejection of 900 on signals like this but that price is still available with supply. What we could see is a big seller push into the green zone for a better chance to dump size. This gives them higher average distribution price and increased liquidity (channel breakout buyers and short stops at the top of the consolidation range) for a reasonable fee (given current volumes and order book).
Watch for a green zone test. Failure accelerates movement to S1 and success sets up the channel breakout - which seems less likely given recent decreasing volume.
#MarketParty
Curiously, we're hanging around the upper ranges of the these long term channels. You would expect a rapid rejection of 900 on signals like this but that price is still available with supply. What we could see is a big seller push into the green zone for a better chance to dump size. This gives them higher average distribution price and increased liquidity (channel breakout buyers and short stops at the top of the consolidation range) for a reasonable fee (given current volumes and order book).
Watch for a green zone test. Failure accelerates movement to S1 and success sets up the channel breakout - which seems less likely given recent decreasing volume.
#MarketParty
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