Agreed, it's threatening breakdown on the bottom band of the hourly and 4h. Sometimes they bounce back the next day if the market rejects price going lower.
BUT:
Look at accumulation distribution in this hourly chart. No one's been accumulating, it's actually lower than AccDist at the previous low of .69 -- so, no support, looks like the bottom's about to fall out unless bulls pull off a surprise rally. One caveat is RSI's still in range to support a rally. (32 could be the bottom based on RSI higher lows.)
If it doesn't bounce tomorrow, it'll crash and eventually test the boundary of the bottom band on the daily. That's currently .09
Bounced off the 4h bollinger bottom boundary and is now retesting the midline at .97, MACD on every chart from 1 min to 1 day is green. Volume was 27% compared to the 30-day average.
On the daily, today's candle stopped even with the 9 day moving average, coming from the bottom. Tomorrow and Friday are critical for this stock as it'll either cross above and build momentum or bounce down since the 9MA is resistance now.
A sustained run from here would confirm a double bottom and a longer term reversal. There was a huge volume uptick from .69 on what I'm still considering the dead cat bounce. IMO a sustained run would require new investment money and people willing to hold, which seems improbable given the dilution signals and lack of news catalyst.
Instead, indications are it'll bounce down because of the anomaly in Accumulation/Distribution which shows -2.61M at the low of .69 compared to -7.41M today at .95, this implies extreme shorting or dilution as many more shares have been let go while price has remained flat. (Supply and demand; supply greatly exceeds demand.)
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