/vt/ - Virtual Youtubers

crypto daytrader reporting in, did a quick meme TA on this even though I never look at stocks

Some observations:
As you can see the daily 21 EMA (pink squiggly line) crossed below the 50 EMA (yellow squiggly line) on December 6th (highlighted by the yellow sideways arrow), following the rejection of the price below the 21 on December 1st (shown by the first white arrow to the downside), signaling the establishment of this severe downtrend that's been continuing ever since.

Since then there have been two rejections of the 21, on January 12th and Feb 21st. Those were both attempts at recovery that were rejected by the bears.

Despite having trended down for 183 days and an impressive 63% drop since ATH, the price still shows no sign of recovery beyond a bullish divergence on the RSI and MACD (the funny indicators on the bottom of the picture), which was sorta canceled after that last rejection of the 21, pushing the RSI to a lower low and the MACD to a bearish crossover today.

So from a purely technical standpoint, looking at the daily timeframe, there is still no reason to believe the price will recover soon beyond "jfc this shit has dropped a lot surely it'll bounce back at some point".

As a final nail in the coffin, we can see that the price has dropped below the latest sloped support (bottom slanted white line).

For the sentiment to turn bullish you'd need to wait at least for the price to break and establish support above the 21, and I wouldn't even start considering a long before a support was found above the last swing rejection of Feb 21st. But there is a lot of resistance on the way, which I'll touch upon in my next post.