Despite many in the community wondering just how low BTC
will go, few bulls are putting their money where their mouth is. A continued downtrend appears possible. Weak support at 9520 could provide a bounce, while a break would signal the downtrend is still in force. With bulls not showing up, bearish volume
rules the day and triggers more stops and panic selling along the way. While bulls were previously buying dips, as shown by these long wicks on the previous decline, on this decline they appeared less certain. A higher low may signal a reversal, but without volume
and a higher high, further ground will be lost to bears. However, bears are losing steam since the 19th, shedding volume
. It appears that both sides lack further conviction and are awaiting a clearer signal.
Supports: 9291, 7572
Resistances: Tenkan at 11000, Kijun/Senkou A at 11550
Look for: Break below 9520 or above 11000, 11550; placement of next low
*I am an inexperienced chartist. If you have any comments or feedback, I would be happy to hear them!