BITCOIN – 17 May

I was wrong about the big transfer dump yesterday, thought it would be absorbed by the bulls like the previous round. Manage to catch the first panic selloff with LTC but didn’t set a tight stop after the bounce. On 4hr chart, like the previous round when it broke resistance level easily, going downward will likely be break resistance level easily. Almost 20% drop from 8000 to 6400 in 15 mins and bounced back 13% shortly. MA almost crossing on 4hr, possible more downside to go. Let’s see tml candle if it will press for support level around 6250 ~ 6000. May close off the week candle as shooting star pattern and some bearish move next week (which maybe a good pullback for accumulation [5800~6000]as MA crossover on weekly)

Short term moving average (day candle) :
Network Value to Transactions Ratio :112
Total marketcap :226
Dominance :56.1
Bitfinex Margin Long/Short Volume Ratio :
Depth Chart : (S) | (R)
Weekly Timeframe :

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luis garcia

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