I am waiting for one more down, but China seems to have gone to sleep, so the rest of the market waits for them to wake up and decide direction.
If there won't be one more down, this means it was truncated (locally), and since the volume wasn't IMO high enough for capitulation, it would
leave open the possibility of a larger order extension. So... bulls, pray that we go down one more time and that should be THE bottom.
Larger order extension?
The bulls on Bitfinex think since it didn't go down in due time, it was truncated, maybe it was, but Chinese volume is much weaker.
By a "larger order extension" I mean that while the market may go up for a while (several days), because it was truncated and didn't drop low enough, it could drop again below the current low.
To confirm truncation, the market needs to stay for a significant amount of time above 240$.