future doesnt look to bright. Having broken down past 200 EMA
, as well as uptrend support and short term support, we can expect a continuation of the downwards movement with a consolidation phase in the $7700-$9200 price range. Current spike in volume
is higher than the previous spike of the 02/10 uptrend which has confirmed downtrend continuation potential. Be aware that consolidation can occur anywhere within the green box but once the price action breaks out of the consolidation be ready for a move in the direction of price action. For a clean short entry look to enter on hourly high volume
with a red candle breaking down past previous lows with a stop at the high of the last green candle. If consolidation occurs and the trend shifts back to up for a short period of time, look for an entry with a green candle breaking above the high of the previous red candle with a stop at the low of the last red candle. Currently, I am looking for a slight market correction within the green consolidation/ potential buyback area as this many consecutive red candles with high volume
is an indication of a potential reversal. If heavy buy volume
occurs within the green box we can confirm a reversal with a green breaking above the previous high of the last red candle.