Retrace and test of the previous resistance level of 1.6c is perfect...
It's actually having trouble getting there at the moment...and with volumes rapidly dropping off, it would appear support is about to be confirmed.
If so, this will be a very strong buy signal.
May not move for another day or so yet with the real possibility of a lower volume day at current levels tomorrow (less than 5m)...but the first sign of buying interest could well set this off at any time now.
I suspect a few traders were banking on more downside selling interest today...and might now be facing the very real prospect of having to re-enter at similar or higher prices.
lol...I guess trades don't always go your way boys.
Cheers!
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