Price dropped to a demand zone, the area where it had shot from before, after exhaustion price came back to the level with a hard fall to collect more buy orders. My anticipation is that this level has enough buying momentum to move price to the upside.
As we can see now price rejected at a point that is above its previous rejection, which shows that the sellers were not strong enough to push price out of the zone into a downward movement, this is an indication of the strength of the buying momentum in the zone.
As we can see now price rejected at a point that is above its previous rejection, which shows that the sellers were not strong enough to push price out of the zone into a downward movement, this is an indication of the strength of the buying momentum in the zone.