Here's my update for today's bitcoin move. For those who got excited at the "bounce", you should stop and look at the big picture, i.e. daily chart. A lot can happen on the 5min or 15min scale, lots of swings that don't necessarily represent the global trend.
For two days now, bitcoin has closed below the MA (moving average) line, with a massive bearish volume, while touching the lower bollinger band. However, we can see a bullish candlestick today. Will it hold? If bitcoin can close above that price soon, there might be hope for a real bounce back up, if it doesn't, brace yourselves for a rocky downhill. Usually when a candlestick closes below the MA line, that's a sign that things don't look good. Also, there's no sign of a trend reversal, neither from the volume, bollinger band, MACD or RSI. All those indicators at pointing at a downtrend.
Some of you are wondering "why are cryptos crashing like crazy?"
Yet you didn't ask "why are cryptos climbing like crazy?"
That's why
ā Andreas (@aantonop) June 15, 2017
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