The daily candle after creating a complete reversal haven't been able to touch support even once. Which can mean that the market refuses to have more buyers into the market at the moment and is currently consolidating waiting to break either way. Chances are the price may break above because there isn't any buyers in the market yet since it hasn't touched any major support and the market keep accumulating sellers by creating a resistance and pushing up to touch resistance repeatedly, which is also a price action of attracting and accumulating seller into the market, kinda like a reverse psychology.
The 4 hour timeframe, as we can see, has created higher support ever since its bullish reversal and hasn't pressed down to touch its support, not even once. This means the price isn't allowing any buyers into the market except buyers from following buy from fear of missing out and has press down clearing buyers on its ways up as we can see. Everytime the price is pushed up to a certain point, there will be a dropped down clearing buy volumes which are accumulated from people following buy as the price won't be able to break high as there's too many buyers into the market and the market won't allow most people to profit as much as we know. And the price keeps creating new resistance and pushing up to cross each and every resistance created which shows that the market is luring sell volumes into the market and clearing them. So the point right now is to wait for the price to break resistance by breaking above and closing above each of the resistance and then when the price press down to clear FOMO buyers, then we can start buying.
Posted Using INLEO