-On the daily chart, we have swept the lows of 28 Feb and it seems likely there will be at least a slight bounce here. -There is still a key area of support around 39.5-40.5k that remains untested. The next interim support below this is around 35.8–36.7k. If bulls step in, it is quite likely the 39.5-40.5k area gets front ran. -Price has begun making lower lows, lower highs. We are currently printing a lower low on the daily. -Price has broken through and rejected off the 100EMA support and is currently testing the 200EMA. -On a lower timeframe, we are starting to see signs of bullish divergence with RSI and volume has been increasing.
Outlook -The 4h chart is showing some signs of strength so it seems likely there will be a relief bounce, however at this stage the 1D 100EMA is acting as resistance. -My bias is skewed short for the coming days and I will be shorting the bounces. -If you have a long bias, there is opportunity to continue buying dips at the levels mentioned above on the 1D chart.