Sentiment Remains BearishOkay Im going to go through all charts to dissect whats going on. Seems alot of people are giving their emotional opinion rather than just looking at the data so thats what we will do today.
1 day chart: Candle stick analysis indicates that there is little to no buying pressure that is effective enough to over power the bears. I think the selling pressure will increase when the reality of the situation starts to set in..
RSI' Looks to be trending to the up side for the short term but will not last long... Short lived as it will be met with resistance here shortly.
12hr chart: Candles indicate strong selling pressure strong selling pressure with ALOT of rejections occurring around the moving averages. The 12hr chart also shows that the RSI showing the same thing that the previous chart showed.... Victory short lived...
TD Sequential Indicator also show that we are on a 9 buy signal with 7 hours remaining...
Volume: The volume does appear to be decreasing on this chart as well which shows that selling pressure may be reduced in the short term... The time to take advantage of that bounce may already be over... Tread with caution.
8hr Chart: Bearish shooting star and rejection at the moving average ... DANGER WILL ROBINSON DANGER!!!!
All lower time frames are not helpful for market analysis at this time though I am sure there are short term opportunities out there... Ill leave that to the day traders.
