There was a few major things I was looking for to call it the bottom.
1 Vol climax which we defiantly got
2 A break lower on our previous low of rsi . So the previous leg down 9 5 got to around 25 and you can see in the last major pull back or bear market what ever you wanna call it we had a low on the rsi then the bottom rsi low was lower than the previous leg back on 6 15 we got to a 25 area and at the bottom on 7 16 we got down to 22 rsi. I did put a red horizontal line which was the low rsi which I needed to be broken which did occur
3 The third thing I noticed was both down markets were signaled by bearish rsi divergences which i was able to draw a trend lin and once that line was broken we had an up move from 1800 to 5000. The trend line was from 5 25 and crossed on 7 20. So I did the same thing on this most recent move and you can see that the trend line was broken on 9 15. Its the red rsi trend line which started 9 1 and crossed 9 15.
4 This is where I missing what I would of liked to see. on 5 25 I also drew a trend line on the bearish divergence which occurred on the mac d and it crossed on 7 18. You can see I also drew that trend line on the first indication of bearish divergence on the mac d starting 8 15 and yo can see that mac d got so low that it has not made it back to that trend line yet.
For me personally I want this to be bottom but I think we still have a big fight ahead of us and until I see this mac d lines get much higher I'm not set that this is bottom. Based on getting 3 out of 4 its probably just a matter of time before we cross that mac d but it is one more conformation I am looking for.
Also because of how great the loss was and how big the bounce was there could def be better entries for a long position in the future but scaling in some now def wouldn't be a terrible idea but I think we need to retestthis low again and confirm this up trend
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1 Vol climax which we defiantly got
2 A break lower on our previous low of rsi . So the previous leg down 9 5 got to around 25 and you can see in the last major pull back or bear market what ever you wanna call it we had a low on the rsi then the bottom rsi low was lower than the previous leg back on 6 15 we got to a 25 area and at the bottom on 7 16 we got down to 22 rsi. I did put a red horizontal line which was the low rsi which I needed to be broken which did occur
3 The third thing I noticed was both down markets were signaled by bearish rsi divergences which i was able to draw a trend lin and once that line was broken we had an up move from 1800 to 5000. The trend line was from 5 25 and crossed on 7 20. So I did the same thing on this most recent move and you can see that the trend line was broken on 9 15. Its the red rsi trend line which started 9 1 and crossed 9 15.
4 This is where I missing what I would of liked to see. on 5 25 I also drew a trend line on the bearish divergence which occurred on the mac d and it crossed on 7 18. You can see I also drew that trend line on the first indication of bearish divergence on the mac d starting 8 15 and yo can see that mac d got so low that it has not made it back to that trend line yet.
For me personally I want this to be bottom but I think we still have a big fight ahead of us and until I see this mac d lines get much higher I'm not set that this is bottom. Based on getting 3 out of 4 its probably just a matter of time before we cross that mac d but it is one more conformation I am looking for.
Also because of how great the loss was and how big the bounce was there could def be better entries for a long position in the future but scaling in some now def wouldn't be a terrible idea but I think we need to retestthis low again and confirm this up trend
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