Looks like this high volume bar (high at 53k, low at 38k) might keep us hostage here for awhile. I'd expect both sides of it to be re-tested eventually in the next couple days, particularly the bottom end at 38k because the drop was accompanied by high volume off the top at 53k (never a bullish sign).
Overall it looks like whoever keeps doing these massive coordinated dumps is seriously trying to break the back of BC bulls with this ongoing crap. Massive buy-wall supports below the market price would be wise if we get to rallying once again.
JL
Volume-based technical analysis always wins out. Here we did NOT get our 53k re-test (almost did) however we DID get 38k re-test. Unfortunately that re-test came with high relative volume; so I wouldn't expect that low to hold. Hopefully the re-test of 37k comes on low low volume followed by many of you piling in
gradually after the re-test and slowly bringing this thing up on healthy buy-volume.
Here's a longer-term chart with Elliott Wave included.
Here we have either just completed a Wave 1 and are now making the 2 (followed by a wave 3 soon with serious fireworks hopefully) OR we just completed a very large and drawn-out B wave correctional pattern which will be followed by a potentially crappy C wave down that could very well bring us back down to the teens
IF there's selling volume accompanying it. Based upon feeling so far I'd say this feels like a long and drawn-out A-B-C correctional pattern which will present one hell of a buying opportunity if we get to the 20's or teens again.
We'll see.
Overall 37k is a re-test target, and 53k is an eventual target and overall I'm expecting some movement here out of this consolidation pattern now.
JL