News of Coinrail hacking started off the massive sell off over the weekend for one hell of a bloody candle. This movement broke the very big symmetrical triangle and might be pushing the market further down to almost half its current value if the pattern confirms. For some reason, I'm still not panicking and assuming the worst. The volume on the sell off was the biggest of the most recent weeks but still not close to the huge green bar we had a month ago or the HUGE one we had back at 6k. In large patterns building up, it is not uncommon for a piercing of the trend lines before getting right back into it, to break out the opposite direction. Now for this to happen, we are going to need some upward movement ASAP and in huge volume. If all of this is done through manipulation, I wouldn't be surprised of a very bullish news coming out in the near future to start a frenzy of buying to get us back in the triangle and test the upper ranges.
Still the ball is on the bears court and they have all the control. Most likely there are ton of stop losses at he previous low of about $6450 and if that breaks we may see a frenzy of selling and head back to 6k for the big test and break even further.
Alt coins obviously took a pretty big hit, but considering the huge sell off in BTC Alts didn't drop THAT much and recovering much better than BTC. Most Alts are bottomed out and protecting their higher lows from before so this also gives a little bit of confidence to the bull case.
Still the ball is on the bears court and they have all the control. Most likely there are ton of stop losses at he previous low of about $6450 and if that breaks we may see a frenzy of selling and head back to 6k for the big test and break even further.
Alt coins obviously took a pretty big hit, but considering the huge sell off in BTC Alts didn't drop THAT much and recovering much better than BTC. Most Alts are bottomed out and protecting their higher lows from before so this also gives a little bit of confidence to the bull case.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.