What is weird to me is that although we broke out of the supposed downtrend line we didn't get a huge rally which shows that there is still no strength in the market.
What I am expecting now is a minor correction downwards followed by a relief rally which keeps us inside the channel drawn. Probably up to 8.5k followed by a drop to either 7.5-7.8 to form a higher low which would be a further step forward in confirming that we are turning into a market. Otherwise, we will keep dropping down and realise this was nothing but a bit of manipulation within the price by whales.
shows hidden divergence. Daily is in oversold ..
A bear flag has formed but we have seen it break upwards many times .. I think it will break up once more for a relief rally and then go down afterwards ..
Overall, this means that we are still in a bearish trend until proven otherwise, aka if we consolidate to 7.5k and actually have a strong bounce from in and around that area we could see higher numbers.