While the 30-minute chart is very bearish, the 4-hour chart is showing something very different. The $3.28 level – where the market found support today – is actually a major pivot zone that goes back to the start of November. This area was used as support on two occasions last month, and another four times as resistance towards the middle of November. It is quite obvious why the market found support again when it hit $3.28. Currently, there are no signals as to which way the market is leaning, but a break underneath $3.28 will be a big win for short interests.
