I observe in the last week and this one so far demand is being absorbed consistently, hinting at institutional distribution via passive orders.
21400 long term POC
21200 200 SMA in 4H chart which has become support before and it stands just below a thick HVN. The price might wick down here and then jump back
If it breaks 20700 we could see it going down to 20100 based on volume profile
I entered today with a QQQ put and bought two OTM VIX calls to trade my hypothesis. So I'm hoping for 20100 lol.
My methodology and tools are new and I'm still experimenting with them. So there's a good chance I'm wrong.