Bitcoin price position had gotten so far distanced from the MA 50 and 200 that a correction was due. This even correlated perfectly with the RSI. Bitcoin was very overbought, but has now been corrected. Both the intermediate MA 50, and the long-term MA 200, are still sloped up at this time. However, the short-term EMA 15 and the Volume are currently sloped down, indicating a short-term down trend. We will have to watch this to see if this was just a correction, or if a longer term bearish downward trend will be developing.
This bullish pin bar, or "Dragonfly", indicates a reversal, and the end of the "crash".
This bullish pin bar, or "Dragonfly", indicates a reversal, and the end of the "crash".