There is a fine dance going on. If instutions are buying by shaking retail out, they want to keep the PPS down, but not further deteriorate it whuch would risk negative feedback from the people they represent....so a push pull is going on.

What happens next depends on who wins the battle that is on the 100k BID vs 34k (that keeps replenishing) ASK. They will very likely try to force a panic sell and then be ready to step in.  This usually happens just before a short term rise (remeber the last time we dove to a new 52w loa but closed up on the day?)

That is because retail typically sells to soon and buys too late. They panic quickly. I picked $1.70 as my entry today because it looked to there soon. This was on a break of the previous $1.75 support.

I have another order in for $1.60 to catch the panic run.