The chart speaks for itself. The daily candle is under old support and struggling to get over it. We would need a push over 7k to save this otherwise more downside should follow. I'm still leaning bearish.
This isn't the time to be opening a position - that was over the past three days. Wait until the market moves.
As I just posted on Botje: I expect greater market volatility as the average true range has been at a super low prior to breakout from the symmetrical triangle on the down side. The symmetrical triangle usually being a volatility compression pattern.
We still havnt had a capitulation event to allow for a new bull market to form.
Still need an increase in volatility and a massive sell off to occur.
I didn't expect the triangle breakout to occur for another month though.
davefishbbq
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So what happens AFTER it moves? Lets say it goes to 6000. What then? where is the bottom, when volume returns? How much volume?
We still havnt had a capitulation event to allow for a new bull market to form.
Still need an increase in volatility and a massive sell off to occur.
I didn't expect the triangle breakout to occur for another month though.