It looks really bad. We have a failed bullish cross on the 4h MACD and there is no commonly used timeframe that gives us any hope that prices will go back up. The Stocatic RSI is plummeting and the Hull MACD is about to have a bearish cross. The strongest indicator would be the Hull MACD actually having that bearish cross as well as the Stocastic RSI dropping beneath deeper past 80 but the totality almost entirely eliminates the chances of a rebound.
The daily chart also looks like hell and lets us know we have a lot further we could go down, no matter what the RSI oversold conditions look like on the micro or sub daily charts. The green areas show we have a lot more we could go down but that may not be the actual case. Instead of having a rounded bottom for consolidation we may have some tweezer candlesticks. I am personally in short and I am manually moving my exit orders down based off Scientific Wild Ass Guesses about the retracement of these bounces on the way down because I am worried about that tweezer bounce (as an example see the blue circle).
When I look at the charts I don't see a bottom so I will keep on moving my exit orders down. Those better at calling support and resistance or fib-retracements can let me know.
When I look at the charts I don't see a bottom so I will keep on moving my exit orders down. Those better at calling support and resistance or fib-retracements can let me know.
And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?
~Nathan Explosion
~Nathan Explosion