After a sharp drop, SPOT is showing early signs of reversal at a key anchored VWAP support zone. The intraday bounce occurred on low volume, which may indicate seller exhaustion rather than aggressive dip-buying.
Price is holding near the blue VWAP anchored from the April low, a level that previously acted as dynamic support. Although today’s bounce lacks volume strength (3.53M vs. 2.28M MA), the selling pressure appears to be cooling off.
If SPOT can reclaim $665–670 in the coming sessions with improving volume, a recovery toward $700+ is possible. However, failure to hold above $640 may resume downside momentum.
Indicators used:
Anchored VWAP (support holding from prior pivot)
Volume (low, signaling possible seller fatigue)
Price structure (early reversal after steep correction)
Entry idea: Watch for reclaim of $665
Target: $700–715
Stop: Below $638 or new low
Price is holding near the blue VWAP anchored from the April low, a level that previously acted as dynamic support. Although today’s bounce lacks volume strength (3.53M vs. 2.28M MA), the selling pressure appears to be cooling off.
If SPOT can reclaim $665–670 in the coming sessions with improving volume, a recovery toward $700+ is possible. However, failure to hold above $640 may resume downside momentum.
Indicators used:
Anchored VWAP (support holding from prior pivot)
Volume (low, signaling possible seller fatigue)
Price structure (early reversal after steep correction)
Entry idea: Watch for reclaim of $665
Target: $700–715
Stop: Below $638 or new low
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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.
Disclaimer
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.