After a sharp selloff from the local highs, price has started to stabilize and is no longer making aggressive lower lows. Momentum has cooled off, sellers appear to be losing steam, and we're beginning to see a period of consolidation around the recent demand zone. This is the kind of price action you'd want to see before any meaningful recovery attempt.
It's building a mini base here after deviating below the recent lows. If we can stay above 0.10, I believe it can still retest the 0.20-0.24 supply zone. I wouldn't expect a straight move higher though—a bit of chop and consolidation below resistance would be healthy before any breakout attempt.
It's building a mini base here after deviating below the recent lows. If we can stay above 0.10, I believe it can still retest the 0.20-0.24 supply zone. I wouldn't expect a straight move higher though—a bit of chop and consolidation below resistance would be healthy before any breakout attempt.
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