We have:
- a higher low
- a breach of the major downtrend channel
- A "W" looking bottom formation
- major breach of of a down trending RSI resistance line
We don't have:
- a successful back test yet
- a higher high (back side of the W)
- a character change in volume
This will probably turn back around and look for support quickly. It's important where that is.
Any support above $46k is progress for BTC.
Failure to find support might find us touching $44k at the bottom of the red channel.
We really have to get above $55k and successfully back test until we can start having the "recovery" discussion.
However, this is what "seller exhaustion" behavior can look like.
- a higher low
- a breach of the major downtrend channel
- A "W" looking bottom formation
- major breach of of a down trending RSI resistance line
We don't have:
- a successful back test yet
- a higher high (back side of the W)
- a character change in volume
This will probably turn back around and look for support quickly. It's important where that is.
Any support above $46k is progress for BTC.
Failure to find support might find us touching $44k at the bottom of the red channel.
We really have to get above $55k and successfully back test until we can start having the "recovery" discussion.
However, this is what "seller exhaustion" behavior can look like.
