There has been a cyclical pattern as mentioned somewhere else, i'm just putting it down again, highlighting the monthly swings.
And we've reached oversold on RSI on daily chart. Looks like bulls are fighting back and seizing some opportunities. We're definitely not out of the bushes yet but the setup is encouraging. We might still go down but i would not think we'd go down too much further. On a sidenote, YUME wave also suggests the downwards momentum has hit a limit and and is losing steam.
Overall this should not be a bad buy zone considering longer timeframes.
This said, the situation and the sentiment are definitely not rosy. There will need to be more good green candles with nice volume breaking the downward trendline to get some fresh air.
And we've reached oversold on RSI on daily chart. Looks like bulls are fighting back and seizing some opportunities. We're definitely not out of the bushes yet but the setup is encouraging. We might still go down but i would not think we'd go down too much further. On a sidenote, YUME wave also suggests the downwards momentum has hit a limit and and is losing steam.
Overall this should not be a bad buy zone considering longer timeframes.
This said, the situation and the sentiment are definitely not rosy. There will need to be more good green candles with nice volume breaking the downward trendline to get some fresh air.
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If we're unlucky and the pattern reverses, ie we don't go up but down, it can be reasonable to suspect we'll continue downwards until beginning of July, before some wave up until beginning of August.