Horizontal support along with uprising TL from Sep 20 together with AVWAP from the same period provide a critical area.
On the other hand, there is a H&S with neckline around 42K area that if breaks down and proved valid (reach at least 3% below NL) gives a potential target around 15K-15.5K.
Critical here, price is below POC in volume profile, currently in a daily demand area near the support confluence area, but just lost yearly VWAP (black line) and momentum doesn't bottom yet, let alone giving a positive divergence.
Will break down? I have no clue. With FED tightening all assets are under pressure.
If goes that low maybe it will be the last chance to get it really cheap. If breaks above 52100 (right shoulder area) it will be a great long.
Happy new year everyone and take care.
Cheers,
P.
On the other hand, there is a H&S with neckline around 42K area that if breaks down and proved valid (reach at least 3% below NL) gives a potential target around 15K-15.5K.
Critical here, price is below POC in volume profile, currently in a daily demand area near the support confluence area, but just lost yearly VWAP (black line) and momentum doesn't bottom yet, let alone giving a positive divergence.
Will break down? I have no clue. With FED tightening all assets are under pressure.
If goes that low maybe it will be the last chance to get it really cheap. If breaks above 52100 (right shoulder area) it will be a great long.
Happy new year everyone and take care.
Cheers,
P.
