Price have now pulled back to the Primary MIDAS Resistance Curve (R1) which represents fear and greed in the market. Momentum is approaching overbought territory (+ creating a divergence) while closing in to the 50 and 200 day MA which price is trading below. A spike up in price into the supply zone would be great for an even better price to go short.
Additional probability that price will turn to the downside is seen in the spikes that price have done while trading below the demand zone. Price have had a hard time coming up because of the unfilled supply orders, indicating that the supply zone is strong.
Additional probability that price will turn to the downside is seen in the spikes that price have done while trading below the demand zone. Price have had a hard time coming up because of the unfilled supply orders, indicating that the supply zone is strong.