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RE: Bitcoin Technical Analysis: WHAT JUST HAPPENED?
What happened....an exchange was hacked a few days ago and the smart guys sold over the past couple days. Well the news just hit (I think monero and bcash too) and BITCOIN SOLD OFF....here is the key...It was BOUGHT BACK UP immediately and on bad news.
This is very very bullish here
I saw the Zaif exchange was hacked, but they only got $59 million in total assets. That doesn't even equal 1% of daily trading. I don't think this would have triggered a selloff.
It looked to me like a stop hunt. I think MM's are getting desperate to wipe shorts off the board. That move was too perfect. It dropped perfectly just below the prior low, right where you'd expect stops to be waiting. They then ran it up to the known $6,540 resistance to try and scare shorts into selling....which didn't work. Bitcoin is now sitting right where it was before this all started.
Oh i agree. Looks like we both think the same :). That was 100% a stop run shakeout but the shorts didn’t hold the linexxxthey did on that tap reversal but they are going to have to hold more than that I bet. And there is too many now. They cave.
Certainly possible. Should be very interesting. I’ve never seen a stand-off like this. It’s truly comical.