Area between 'A' and 'B' can be considered a strong resistance due to following reasons
- There are lots of coins previously exchanged hands in the range between 'A' and 'B' (see circled areas) and same investors are potentially closing their loosing longs to break even
- We have seen strong price rejection from 'B'
If price is able to consolidate above 'B' or break above 'B' with significant volume we should see a leg up to 'C'.
- There are lots of coins previously exchanged hands in the range between 'A' and 'B' (see circled areas) and same investors are potentially closing their loosing longs to break even
- We have seen strong price rejection from 'B'
If price is able to consolidate above 'B' or break above 'B' with significant volume we should see a leg up to 'C'.