What's Going On Traders?

Got to give credit where it's due - the video analysis from yesterday wound up being a bit more on point than my written post. In the video, I clearly stated that if the 50% Fibonacci retracement level failed to hold as support, we'd likely see a retest of the old consolidation line.

Well, that's exactly what played out after the 50% Fib didn't survive as a solid bounce level. We've since pulled back to that former consolidation resistance which has now flipped to support intraday. As I record this, the price is indeed bouncing off that key line once again.

Have to tip my cap to the video take for nailing that retracement path. My post was a little too bullish on the prospect of the 50% Fib level holding and triggering a continuation higher. Sometimes you read the charts right, sometimes you get it slightly off.

What's clear now is we have a tougher road ahead to reclaim bullish momentum. That old consolidation line has proven to be a formidable barrier whether serving as resistance or support. And on the way up to my 70K target, that same line is going to pop up as potential resistance in multiple key areas.

So bullish or bearish resolution, we're likely in for a drawn-out grind either way until we can finally clear that level for good. Lots of tug-of-war action coming up as we navigate these key inflection points marked by the consolidation line.

No way around it - the path of least resistance has gotten bumpier in the short-term. But that's why we stay vigilant, remain adaptable, and roll with the punches. Looking forward to battling it out! Until the next update...