The bears may be arguing for a head and shoulders pattern on the weekly, however it's pretty slanted so the validity is questionable. Meanwhile, the RSI is currently nearing the all time low from 2018 and class A bullish divergence is in formation on the MACD. Price is nearing the 200 ema, which should be quite strong support and at the least provide a relief rally. Also coinciding with the 1.13 fib node from the previous cycle. The pain may not be over just yet, but it seems quite possible we're near the end. Will wait for a bullish candle off the 200 ema.
Commentaire:
Forgot to mention the capitulation volume signature a few weeks ago. Not the strongest ever seen but certainly distinguishable.