Support and resistance.

The last time we broke a major support level, we fell significantly lower, and never even got back up to the previous level of support. I'll be the first to admit I thought there was good chance that we had bottomed, especially with Bitcoin and most of crypto going into a bull market. Two large holders dumping their entire supply it seems, and that is driving price down, as it exceeds the current demand. They will eventually run out of smoke. At that point, if demand exceeds the supply at that price, we would begin to move back up.

Bearing Descending Triangle

Our bearish descending triangle seems to be playing out. As much as I don't want to call for it, I would expect us to move lower.

Thick buy books

We have pretty thick buy books a little below current price, but depending on how determined our seller is, he can drive us through the first one at least. We don't seem to have any real motivated buyers. There isn't much liquidity going up, but there is more than there has been in the past.

Firm downtrend

We are in a firm downtrend. On a zoomed out daily time frame, we are in a descending wedge without a floor (meaning if we fell straight down, we would hit 0 before the bottom of the wedge). We need to break the top of this down trend, which will happen sooner or later. A clean break of this could mark a bottom.

Buy when there is blood on the streets

Often times when things look their darkest, the bottom swoops in. As people panic and sell their bags at the bottom, whales tend to take advantage, then drive the price up so they can't buy them back cheap. Is smoke too cheap yet?