Look to your left. Price left 8000 and hasn't come back (the only area on the chart price hasnt retested). It will need to close this gap before it can move back up to make new highs.
@Scofflaw This is great analysis, well forecasted! What made you identify the 7600-8000 range as the floor. I recall, and can see from the chart, that was the time the price action went parabolic, is that it, or do you have any other way of identifying the range?
scofflol
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@BitBoy, Yes, that was the origin of the strong rally up, which hadn't yet been retested. Most likely the smart money was going to be waiting there (again) to get in at a good price. People always remember a good deal. If you identify those iliquidity gaps on any chart and fade them when price arrives, they're great money makers.
scofflol
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jeezus this is not different from any other market in history. buy the demand and sell the supply