drops are getting larger, as are the bearish volumes. There is a lot of dumping going on - often an indication of forthcoming pumping.
Some good resistance approaching on price (~8300). 4hr RSI support and oversold.
Daily RSI still has a possibility of oversold double bounce Daily StochRSI has some sapce left to go down Daily MACD has just completed a bearish crossover.
Aiming for an entry in the pink box seems wise and a bounce of some description is likely to occur, but I am still looking at revisiting the last bottom and seeing the $5400 resistance tested.
As I have said before, its a long way down and much can happen on the way.
Caveat:I am not a professional trader or adviser. Do your own research before making any trade. Never trade more than you can afford to loose.
Trade closed: target reached
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Target reached faster than expected.
MACD Daily just had a steep bearish cross over. Last 3 times it crossed at such an angle it was part of BTC devaluing by (in chronological order) ~30%, ~40% and ~60%.
The RSI is still going down. The double bottom on price occurs AFTER the RSI is trending upward. So bottom is not yet reached.