Historically, every dip that found a bottom saw panic selling (lots of long topwicks) and fomo buying (lots of long bottomwicks). It doesn't look like that at all at the moment. The price is just slowly slipping down without any emotion at all. It didn't even blink twice when crossing the 200-day EMA. We've never even closed a 4h candle below it since the start of this run in 2015.
Bull's last stand can be made at the 200-day MA, but we've never even touched it before since the start of this run in 2015.
Bulls are seemingly in denial - everyone else is complacent. Complacency might turn into panic selling after we make a close below the 200MA.
Below that, my target for a bear market is a .786 retrace over multiple months.