Local Bottom In? CFX Retrace Toughts

After trending down for the last 1.5 months on BTC prices may have found a LOCAL bottom. In general there is still expectation for lower prices but a retrace after such a large drop seems to be in order.

IF btc and eth manage to hold and make a push to the upside for the next few days to weeks may alt coins will follow. Currently there is no expectation of higher highs as macro uptrends have been broken to the down side. Being the drop has been so large the spread of the retrace is sizeable

This is an hourly chart CFX. Price seen a very very strong reaction at the daily value area low on the fixed volume indication with a quick and hard push up of approximately 20%. Since price has managed to hold the current range and is consolidating.

Looking at the volume profile of the current consolidation looks like there a potential for some decent moves to the upside before reentering for a much larger short position.

Trade Well.............