It broke previous Daily/Weekly highs but then sold off. "Look above and fail."
This seems like it has been correlating well with the general market sentiment which could be good or bad.
It took off to take the highs but now it closed exactly in this 1H range. If it breaks below it I'd exit anything net long.
The next downside target would be this larger 4H zone where I think it makes a pit stop. This is where I'd start paying attention again if I wanted to get long. I'd first expect it to react strongly with buyers if it's serious about taking out more highs longer term.
Shorter term I'm a little hesitant UNLESS it holds the lows made today.
Key Levels can be targets.
This seems like it has been correlating well with the general market sentiment which could be good or bad.
It took off to take the highs but now it closed exactly in this 1H range. If it breaks below it I'd exit anything net long.
The next downside target would be this larger 4H zone where I think it makes a pit stop. This is where I'd start paying attention again if I wanted to get long. I'd first expect it to react strongly with buyers if it's serious about taking out more highs longer term.
Shorter term I'm a little hesitant UNLESS it holds the lows made today.
Key Levels can be targets.