Read the notes on the chart below from left to right. Ask any further questions if you like.
For other readers of the thread, I am attempting to read what the chart is saying about itself, not necessarily what I might 'want' to be happening. Generally, I am looking at what price actually did on the traded volume each day, and then putting that into context with the previous trading events on the chart. Usually the next bar will confirm what you suspect happened in the previous bar, or will help to clarify what happened at the times when you are unsure. So in some respect it is like reading a book, with the story unfolding day by day. And if the analysis goes off track, and doesn't do as expected, the subsequent trading will force a rethink and a change in the analysis.
So really all I am saying is that it appears someone or some group 'got out' on that volume spike, and that since then there is no obvious sign of strong accumulation. For me this does not give me strong confidence, but also does not mean that price cannot recover in the future.
Firstly, broadly you can see the gap up bar on high volume, and that price was not able to follow through higher after that, and if anything price has slowly rolled over since that event. That alone suggests that the demand created on that gap up bar may have initially been used to sell into, and then subsequently the trapped holders who bought into the demand have slowly sold out (probably at a loss), which has created a negative influence in the trading, and caused a domino effect lower over time.
(20min delay)