Worth noting that the orange trend line represents the weekly 200SMA where we should find some support
I do however belive that the purple line representing the weekly 300SMA will be the most likely area for a bottom with a possible wick down to $19,772
Historically these two SMA's have held up the price and signalled the bottom on previous dumps
In any case I do not think we are done with the downtrend as for me we are only a 3rd of the way through this bear market at best. With the impending 3D 'death cross' around the corner too which is all but certain to seal our fate
I do however belive that the purple line representing the weekly 300SMA will be the most likely area for a bottom with a possible wick down to $19,772
Historically these two SMA's have held up the price and signalled the bottom on previous dumps
In any case I do not think we are done with the downtrend as for me we are only a 3rd of the way through this bear market at best. With the impending 3D 'death cross' around the corner too which is all but certain to seal our fate