This is a very simple chart. I have the downtrends in red rectangles, BBands, and the RSI. RSI is at a 90 day low on the 4H (24), indicating that our drops have been quick and volatile. I'm expecting an upwards correction with the price target completely dependent on volume.
Whenever we do bounce, I expect it to be similar to our drops: very strong and very fast.
Pushed out further, I expect this week to close red, but I believe if $7,400 and $7,600 hold, we have a moderate chance at closing above $8,000.
I have noticed too, the RSI is insanely low since this drop started on everything from the hourly all the way up to the daily. It seems this must bounce, but where is the bottom?