Things look a bit dismal on the charts but hopefully we will see...

Things look a bit dismal on the charts but hopefully we will see a floor under us in the next day or two.
Daily
Outlook
Friday’s high volume day may be the climax before a rally or it may be the precursor to an even larger selloff which could see the sp down at the projected downside targets.
The short selling on Tue, Wed & Thu increased substantially with Thu. reaching 18% of the days total volume.
The high volume & close up off the lows in the dying minutes & after the close may have been some short covering for the weekend but the higher close does not inspire confidence that the selling is over.
We are currently just above support & all the indicators are trending down.

All my models (D, W, M) indicate lower prices for the coming week, so In the short term at least it looks like we are going to continue down with $0.055 – 06 now being a potential  interim target if 0.06 – 0.061 fails.
There is an old gap there (0.057 – 0.062) going back to April – May in 2017 so an over shoot may occur if that gap is closed.

If this was just a normal shakeout, I would expect to see the 0.06 – 0.061 area level provide a S/T support & possible pivot point for a rally.
However, this is not one of those & the sellers (shorter, MM etc) appears to be using the overall market conditions to create panic & the eventual floor may be down in territory not seen since 2017

The weekly chart shows last week’s low just above a potential support (0.061) set back in May 2019 & which had 17+ million shares traded on that bar which then marked the turning point for the rally back up to 0.13
IF the 0.061 support fails then we can expect to see a larger move down with 0.05  -  0.055  as the next support.

Nothing fundamental has changed & Global X had increased their holdings by the 25^th to 17,884,282.00 shares so I guess its just a matter of holding ones nerve & riding out the storm for now.