PS
Please read my post. I have NOT called it 'capitulation'. A backtest was forecast which may have occured / begun today.
Yesterday's candle had no tail and volume was tenth largest in the last two months. That puts it it the top 25 percentile. Hardly remarkable.
Like yesterday's, the chart suggests further falls are highly likely.
This is the RSI 14 in precisely the same time frame, with trendlines.
The older blue line has beeen breached on a number of occasions, but it's never more than a couple of days until price drops towards / passes below.
The second TL ( yellow ) was drawn because the first was being frequently breached without the price reversing. Bit like redefining Elliott Waves.
Note that the two lines are almost parallel, which gives a greater degree of confidence.
Note also that price has been below both for a week.
Stating the obvious, but note that TL becomes harder to respect as it inevitably falls. Hence the redraw.
And yes, this is all the black magic of charting.
BUT it usually works
Coming full circle, smart money will start surreptitious buying if / when whispers tell them that there is a financial turn around due.
This will show most obviusly in the volume. However, volume and other indicators are often manipulated in order to allow distribution.
So volume on its own proves nothing. Absence of notable volume almost certainly proves that there are no shennanigans.
Happy to discuss charting with you, should you so choose.
(20min delay)