The sell orders around 6.5+ are quite active, and chasing longs in the short term is likely to get hit.

$GMX is sitting at a pressure point — things are getting interesting.

Descending channel still in play — tension building.

Price grinding into mid-range resistance $6.5–$6.8
Rejections here keep structure bearish short-term. Sellers still active.

Lower highs remain intact
Trend hasn’t flipped yet — confirmation needed.

If rejection continues…
Move back into $5.3–$5.7 demand becomes likely
That zone is where buyers step in.

Clean breakout above the channel
That’s the shift signal
Structure flips → momentum follows → upside opens fast

This is a classic squeeze setup.

Compression + clear levels = explosive move loading.

Watching closely —
Break the channel → expansion play
Another rejection → eyes on demand reload zone