OP screenshot updated. Yesterdays selling pressure closed $6 below the resistance level of the accumulation/distribution level of $8,630. While the week isn't over, this is the expected selling pressure from leaving the long-term accumulation zone to the upside. We've now broken above and below this zone in recent months, but failed to remain outside of it for enough time in either direction. This is why I previously described it as a "magnet zone" - as price is drawn back to this high-volume buying & selling zone.


A re-test of the zone's support level around $5.9K wouldn't be out of question and would line up with the 200 Week MA, especially if current prices are the short-term top before a correction to the downside. This would mean we have closed above the zone, closed below it, then wicked above and wicked below - which seems entirely reasonable from a horizontal support & resistance level prespective. A more conservative pull-back would otherwise be to the mid-level of this zone around $7-7.5K, which would be my first target for any fresh long positions, as well as creating the potential for a macro sized bullish inverse head & shoulders.

For now, we will have to wait and see what occurs.