Risk/Reward is the best it has been in a good while despite the downtrend. I think BTC has found a base and is only now battling with the issue of volume which has been stagnating lately. Volume would be the only bearish indicator as it will be needed to breakthrough the various resistance levels above $7,750. However, it could also be an indicator of the lack of sellers.
I agree. It's highly likely BTC is basing, but that's not to say that a dip into the abyss can't happen (as you and many others have said before). I too would like to see volume pick up on rallies. Volume is one of the oldest and most watched of indicators. However, volume isn't necessary, as AAPL has clearly demonstrated over the years. I think what is fundamental is the initial sustained surge in volume clearly showing a period of general market acceptance, and then price can rise without huge surges given the long term shift in psychology. Another factor to consider is that as price goes up, unit volume can fall without the real USD volume necessarily following: the same amount of dollar volume would equal only half of the share trading if the price doubles and USD volume remains constant, for example. AAPL share trading today is 1/10 what it was 10 years ago, but the average dollar volume is roughly the same.