There are waves of selling and re-accumulating - and when someone is closing their longs progressively only to re-open them you can see this. Bitfinex BTCUSD - longs graph is always interesting to me. Note this last little capitulation zone - perhaps out of boredom/fear. A new gradient perhaps or the previous trend line stays intact. An algorthim that is building...
On lower time frames such as 4hr and 6hr there is RSI and UO divergence with price. On the tape offers of size are being snapped up and the price pulled back in an accumulation fashion. On the BBands 1w we are at the median. Generally we are just waiting for the SPY and Gold panic to capture buyers of last resort and we will start a reversal. Waiting for confirmation ...