As a quick update, contrary to my belief of this highlighted area acting as an accumulation zone, given the breakout in volume that was overdue, in hindsight it should now be considered as a distribution zone (long-term selling) as opposed to accumulation (long-term buying), at least until proving otherwise. Given the strong selling volume from this area, it's safe to assume that $5,910 starts as the resistance level of re-entering distribution/accumulation levels, with the $6,266 point of control acting as strong resistance.


A bullish perspective remains however, while we cut through this level like a hot knife through butter, it is completely possible to break through again above $8,630 with an equal amount of volume and volatility, although with the current market sentiment I find this very unlikely in the near future.

The more realistic neutral perspective would be that this zone could act as a magnet for the price to return to, given the overwhelming amount of volume that was built there, as well as re-test and confirm either the accumulation or distribution theory.