The Bitcoin Crash of December 21, 2017
Bitcoin price position had gotten so far distanced from the MA 50 and 200 that a correction was due. This even correlated perfectly with the RSI. Bitcoin was very overbought, but has now been corrected. Both the intermediate MA 50, and the long-term MA 200, are still sloped up at this time. However, the short-term EMA 15 and the Volume are currently sloped down, indicating a short-term down trend. We will have to watch this to see if this was just a correction, or if a longer term bearish downward trend will be developing.
This bullish pin bar, or "Dragonfly", indicates a reversal, and the end of the "crash".
This bullish pin bar, or "Dragonfly", indicates a reversal, and the end of the "crash".
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.