We are currently in a downtrend on the weekly, daily, and 4H time frames, giving complete control to the bears... but we are not seeing any all out dumps or extreme RSI levels.
This reminds bears to not get too comfortable, as the recent nature of bull moves the last couple of months have been very hard and fast out of nowhere. Note the 20 day average volume is also declining, which is setting us up for a volume and volatility spike, as tight ranges open up again.
I personally will still be on the sidelines patiently waiting for a risk to reward scenario I like, and not interested in any bounces without daily and 4H RSI oversold.
This reminds bears to not get too comfortable, as the recent nature of bull moves the last couple of months have been very hard and fast out of nowhere. Note the 20 day average volume is also declining, which is setting us up for a volume and volatility spike, as tight ranges open up again.
I personally will still be on the sidelines patiently waiting for a risk to reward scenario I like, and not interested in any bounces without daily and 4H RSI oversold.
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