All the technicals point to more down.
No they don't. Oscillators and RSI are way oversold on large timeframes. Maybe we'll get a retest of lows, but it'll probably be a higher low.
When you get climactic action to the downside like this and the bars close way above the lows, that means the market found high quality buying at that level and is an indication of strength. Market weakness is found on green bars near the tops of rallies, where the volume either trails off or you get high volume on narrow bars (evidence of high volume selling entering). That's when you short--not here after climactic action to the downside which removes all the selling.
"Maybe we'll get a retest of lows, but it'll probably be a higher low."
So down then.
Depends what time frames your looking at completely. Weekly MACD is about to turn down.
We shall see, still $25 million in longs on BFX, LOL and that's after being told for the last 3 months that $30 million in longs was okay.
Standard triangle consolidation is occurring at the moment and I would seriously not be surprised to see it break out again to the downside. Where did all the bids go on Bitfinex? This could get so so ugly, where is everyone long on Finex going to close into?!
We shall see, its all speculation but there could still easily be a complete wipe out of those longs before we go anywhere.
I completely agree with user bassclef.
Of course you do, you're long. You also thought $255 was going to hold
But 4 million of those were opened during and after the crash. And the other 21 million obviously didn't fold even at $162.
