Parameters: < 1, Moving average < 3, downward parallel standard (ie no hard impulse moves).
On bitfinex going back 2 years, theres around ~18 points this has occurred
18 of them had 5 day of selling with increased momentum.
16 of them closed a rejection style bottom wick.
14 of them had greater then a 25 dollar move up before local top was established
6 had greater then a 50 dollar move before top was established
5 had greater then an 80 dollar move before top was established.
2 were actually at the top of a range and went down another 40-80 bucks. (SCARY!)
what about china. china matters
China matches this pretty closely with about 26 vs 18. But i explain this a way with stop run and fomo selling.
(this is not an attempt to call bottom, just checking out past history when similar events occurred)
updated chart. so far this 1d candle is following the pattern. 4hr stoch trying to confirm out of oversold territory on finex and already has in china.
i decided to look at the 5min level of the last few qualifying daily candles. Before putting in the low, there was a test sell off. The next 1-4 hourly candles were bought up but very weak buy volume/low resistance. Then the next push occured, putting in the low which was followed by 'real' buy volume. (or more likely a combination of big buys and shorts closing)
disclosure - i setup two sets of bids based on this chart, the first one has been hit. i may or may not hold it due to real life happenings.