this is a simple chart to analyse imo…
https://www.tradingview.com/x/w1Esak8t/
a change of character across 200-235 space, on a demand rally would show if there is really supply exhaustion…
although the point u make, regarding volume surge without downward movement, might signal bottoming out, but i would like to see a true demand rally happening, clearing previous levels of climactic volumes…
unless that happens, this is very much a downtrend channel to me…