New Resistance Trap
The buyers that used the 20K supportive region to buy got liquidated, subconsciously they will now use this previous support as resistance.
I think the market will take advantage of this thought process to liquidate buyers who turned sellers all over again.
We have created a minor head and shoulders pattern, when we break out of this and lure more sellers into the market, the true stop hunt should come.
When the secondary stop hunt is complete, we can look for some short-term sales. Until then we must sit on our hands and above the price action and most importantly, the market psychology.
I think the market will take advantage of this thought process to liquidate buyers who turned sellers all over again.
We have created a minor head and shoulders pattern, when we break out of this and lure more sellers into the market, the true stop hunt should come.
When the secondary stop hunt is complete, we can look for some short-term sales. Until then we must sit on our hands and above the price action and most importantly, the market psychology.
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