With a near-perfect bounce at the 2x short pressure threshold, we have yet another example of margin pressure predicting a local bottom.
With this bottom we're also seeing some positive signs on the RSI:
(1) Downtrend resistance turned to support
(2) Bullish hidden divergence
We've also finally seen price break above the downtrend line. Many were calling breakout back in December, but that was never the case (and it's particularly clear when looking at the weekly chart). Though without any real uptick in volume, I'm inclined to believe price will continue to consolidate and likely will retest the downtrend line in the short term.
With this bottom we're also seeing some positive signs on the RSI:
(1) Downtrend resistance turned to support
(2) Bullish hidden divergence
We've also finally seen price break above the downtrend line. Many were calling breakout back in December, but that was never the case (and it's particularly clear when looking at the weekly chart). Though without any real uptick in volume, I'm inclined to believe price will continue to consolidate and likely will retest the downtrend line in the short term.
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