Looking at the weekly order block depicted by the red rectangular zone that spans from 5.8-7.4k, we see that this zone has been historically critical for price action.
The first touch of this OB saw price bounce with strength completely above the order block. The second bounce saw the weekly candle close above the mid/halfway point (EQ) of the OB but within the OB (bears growing stronger).
The following two bounces saw the weekly candles close below the OB EQ (bears growing stronger).
The most recent bounce failed to provide enough strength to take bulls out of the OB before changing direction and posting a swing high within the OB (bears continue to grow stronger).
We also saw a bearish engulfing candle on the weekly last week which has always produced multiple bearish candles to follow before the next swing low.
This is a glimpse into the strength of bears and bulls based on simple price action. Bears look to have control of things for now.
The first touch of this OB saw price bounce with strength completely above the order block. The second bounce saw the weekly candle close above the mid/halfway point (EQ) of the OB but within the OB (bears growing stronger).
The following two bounces saw the weekly candles close below the OB EQ (bears growing stronger).
The most recent bounce failed to provide enough strength to take bulls out of the OB before changing direction and posting a swing high within the OB (bears continue to grow stronger).
We also saw a bearish engulfing candle on the weekly last week which has always produced multiple bearish candles to follow before the next swing low.
This is a glimpse into the strength of bears and bulls based on simple price action. Bears look to have control of things for now.