A look into longer period moving averages, rsi, momentum, and volume profile on the weekly chart. There's a gaping hole in the volume profile between 19.5k and 29k. Looks like historically, retests of the 200 week average have been the best times to buy so i'm hoping I get the chance around 24-25k if this plays out. However, based on the volume profile the real beefy support lies between 5.5k and 12.5k, well below the 200 week avg.
Note
Daily chart is entering oversold territory now on the 14 period rsi. Anticipating a retest and rejection of the breached lower line over the coming week or so before ultimately continuing down. Note
No demand between 29k and 19.5k. We're knocking on that door quicker than I envisioned. Might capitulate before a short term bump up if 29k falls.Note
Although 29k ish has held multiple times before since early 2021, very key support level.Note
29k breached. Short term oversold, but who knows at this point if this gets accelerated or if we have a little relief bump...
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.