We need confirmation that the low has been established. Until we absorb the sell orders in yellow and take out the daily trend line, there is still a chance price goes to the $6k level. If the bottom has been established, look for price to break the trend line, then buy on a pull back at the trendline, which should serve as support.
Do think we have seen the bottom now that we had this up move to 7350 today?
On the daily chart we are still making lower highs (LH) and lower lows (LL), meaning we are still in a down trend. The first test of this bottom are the sellers at $8000. Price could react, then make its way to $6000 or the buyers could take out this level. If order for me to be convinced that we hit a bottom, I need to see the buyers take out the sellers at $8500 as well...this is my rule of 2....price taking out $8000 we have a trend violation, price taking out the sellers at $8500, we have a trend violation as indicated by the orange arrows.
Appreciate your question, did this analysis help??
I like those up arrows!