TL;DR - there is no reason to expect the bear trend is over.
Next level of support below the pre-Covid peak is at 18. Given the speed at which price moved through this area in Feb-Apr 2020, a medium range target of $18 is not unreasonable.
- Price remains below EMA, with EMA rejecting every attempt.
- All recent bullish moves have been met with many sellers (note the extreme volume on relatively small bullish candles).
- Price remains in the bearish channel established at the beginning of April.
Next level of support below the pre-Covid peak is at 18. Given the speed at which price moved through this area in Feb-Apr 2020, a medium range target of $18 is not unreasonable.