Text book ranging market with signs of accumulation.
This market had been in a downtrend since the end of 2021. As of May to 2022, the lower low swings became less and less steep, with 2 RSI bullish divergences popping up to prove it.
In Jan 2023, the bulls showed out their hand with a 25% plus week in 2x the average weekly volume. After testing the previous resistance area, the price has retraced to the new supply area. And upon retouching this area it exploded again yesterday. Now piercing through the key 50 EMA.
The price is still trading within the outlined range, with ostensible signs of accumulation. Time for trendfollowers and momentum traders to be on the lookout for a break of structure and transition into an uptrending market.
Cheers,
Tenacious Tribe - Backtested, Quantified Trading Strategies
This market had been in a downtrend since the end of 2021. As of May to 2022, the lower low swings became less and less steep, with 2 RSI bullish divergences popping up to prove it.
In Jan 2023, the bulls showed out their hand with a 25% plus week in 2x the average weekly volume. After testing the previous resistance area, the price has retraced to the new supply area. And upon retouching this area it exploded again yesterday. Now piercing through the key 50 EMA.
The price is still trading within the outlined range, with ostensible signs of accumulation. Time for trendfollowers and momentum traders to be on the lookout for a break of structure and transition into an uptrending market.
Cheers,
Tenacious Tribe - Backtested, Quantified Trading Strategies
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