December started off with a bang in bitcoinland, with the 1-hour candle in the chart above showing the extent of the damage: an over $20 drop on nearly 15,000 coin volume in Bitfinex.
China went along for the ride as well. After failing to successfully test and break 2500 CNY, the selloff was bound to come, and a 150CNY drop commenced:
China went along for the ride as well. After failing to successfully test and break 2500 CNY, the selloff was bound to come, and a 150CNY drop commenced:
As we stated in the prior market update post: that $380s level was a key resistence point going back to early November, and so it was an important area to either make a hard break up or fail and pullback.
There has not been a major retrace in the immediate aftermath of the selloff, which is fueling more bearish sentiment.
There has not been a major retrace in the immediate aftermath of the selloff, which is fueling more bearish sentiment.
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