This chart has been contracting for a few days & is charging up between the .618 fib line & making it's way toward the .5 fib at 3.3. I'm somewhat surprised it fell this far to begin with- it seemed poised to follow ETPs footsteps up above $5. Nevertheless, it has now reached a strong support zone & I expect we will see confirmation of reversal shortly when 3.3 is broken, followed by a strong influx of buy volume.
Edit: Stoch has signaled upward movement & OBV is holding consistent with longer bull trend. MACD still pointing down but is flattening out. I think we will see a sharp move when resistance is broken & MACD will come around for a hard crossover.
Breakout failed - while we briefly breached 3.3, volume never arrived & the chart has languished in chart purgatory for the last day. it looks like we are forming the C-D leg of a Cypher, which would bring us down to the .728 (about 2.7) fib before a nice run up to a target of 3.6 - 3.8.
I have manually closed my trade as it's clear the previous idea is not in play any longer. Depending on your trading strategy, consider closing the current trade & set buys between 2.65 & 2.75.
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Typo - said .728 fib in the comment above - meant .786