Thank you, Smashelito, for providing the key price level of 5772.
From the chart, we observe the following:
- The green areas of the five candlesticks on the 25th, 26th, 27th, 28th, and 29th are roughly equal in length, with 68% of trading volume occurring in these areas.
- This raises the question of whether bears are accumulating short positions.
- The delta for the candle on the 29th is -1231, indicating a potential downward push (with a maximum delta of -1719).
The candle on the 30th is particularly critical:
- It is bullish with a delta of -600.
- Both the green area and Point of Control (POC) are at lower levels.
- The 29th candle started the downward force, while the 30th aims to extend this momentum. However, it appears that the bears who initiated the drop on the 30th have been trapped.
If the bears do not give up, when the price rebounds to the green areas from the 25th to the 29th, we could see it turn back down. If the price breaks below and closes lower than the 30th, it would reverse the upward trend that followed the market's opening.
In summary, the price is reacting at the key level indicated by Smashelito. The accumulation of short positions from the 25th to the 29th clearly initiated downward pressure, and we need to closely monitor their actions.
Thank you, Smashelito, for providing the key price level of 5772.
From the chart, we observe the following:
- The green areas of the five candlesticks on the 25th, 26th, 27th, 28th, and 29th are roughly equal in length, with 68% of trading volume occurring in these areas.
- This raises the question of whether bears are accumulating short positions.
- The delta for the candle on the 29th is -1231, indicating a potential downward push (with a maximum delta of -1719).
The candle on the 30th is particularly critical:
- It is bullish with a delta of -600.
- Both the green area and Point of Control (POC) are at lower levels.
- The 29th candle started the downward force, while the 30th aims to extend this momentum. However, it appears that the bears who initiated the drop on the 30th have been trapped.
If the bears do not give up, when the price rebounds to the green areas from the 25th to the 29th, we could see it turn back down. If the price breaks below and closes lower than the 30th, it would reverse the upward trend that followed the market's opening.
In summary, the price is reacting at the key level indicated by Smashelito. The accumulation of short positions from the 25th to the 29th clearly initiated downward pressure, and we need to closely monitor their actions.
image link:
https://x.com/williamwong47/status/1841668427683135530
Thanks Smash! You're the man!