Who understands technical analysis, will always be able to conduct a detailed analysis of it and see further and deeper than those who do not understand technical analysis and cannot conduct it for these reasons :)
1. so, the most important event happened — 50-daily MA crossed down the 200-day, thus announcing the official start of a new bear market — so-called, golden crossing!
2. The large ascending channel was broken down in early August. In mid-August, the price returned slightly up to kiss the lower line of the channel, got a little carried away and climbed a little over the border, but yesterday the rules of technical analysis prevailed and the price moved in the right direction.
3. Small downstream channel, which began to take shape in the spring of this year, was also broken down and a kiss at the cost of it from below went through all the classical canons.
4. RSI In mid-August, it left the oversold zone, thereby opening the way down the price with renewed vigor.
5. MACD histogram is in the negative zone, confirming the downward movement, and also returned to the zero line, ready to turn back down. The MACD line has not crossed with its moving average, confirming the continuation of the downward movement..
Summarizing the readings of technical indicators, we can conclude that the price is full of strength to go down for quite a long time., which once again confirms the hypothesis of the development of a new bear market for at least the near future. Technical analysis never lies, unlike other forecasting methods, type of balance of supply and demand and other false methods :)
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З.Ы. If we add here an upward correction on a small false volume, then everything else falls into place :)