The 59K level is something I have been keeping my eye on as discussed in prior posts.
After cracking that level and then testing the downside target of 53.5K we saw price bounce back up to the 59K level.
Now it was time to see what would happen and it looks like we got out answer.
Viva La Resistaaaannce!
Looking at the chart above you can see we got not one, not two but three daily candles that have upper wicks off the 59K level.
This tells us that for three consecutive days there was an intraday push to that level that got rejected cleanly.
After those three days price has sagged just a little lower.
So the good news is a hard sell off is yet to happen since the rejection, the bad news is price failed at resistance.
The down side support is the 53.5k we recently saw and obviously price action does not turn bullish again until the 59k level is breached.
The other option is just bouncing between 59-53k which would be fine with me for a while.