Feels pretty bearish. Lower low incoming, it seems:
How does the fact that we had a higher low fit into your bearish sentiment?
This leg isn't complete. I don't think it means anything unless the next leg is up, and convincingly. Buy pressure has been looking exhausted. Looking at volume, MFI and RSI give me very little hope that a rally can sustain. Some whales could try to prop up the price, but given the weakness behind the bounce from Friday, I think they know they risk being run over.
Considering how the other exchanges followed China on the last drop, it's probably worthy to note that BTCChina's chart is more bearish than Gox.
I'm not saying that a new uptrend is impossible. But previous trend was very much broken -- look at MACD, or the 2 lower highs/2 lower lows.
But, shrug. I dunno. If this level holds, or we see a nice bounce on volume at 5050 CNY or $850, could just stave off the bears...
Having cold storage and knowing that I made bundles of money the past month will console me if the market moves against me.
