BTC Update 2017-11-09 – “When markets sell off on good news…” Run, don’t walk.

by Dave

Yesterday they pulled the Segwit2x hard fork, and there was a rally to 8000 which generated a buy signal, but the rally failed, leaving behind a spinning top candle with a large upper shadow – code gave that a 60% chance of being a bearish reversal.  Then today, we see a dark cloud cover pattern, which is another 57% chance of a bearish reversal.  And today the forecaster dropped back below 0 once more.

It should be “good news” that there’s no hard fork.  But the price action doesn’t look like good news, does it?  The “no hard fork” rally was completely retraced.

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And we’re below the 9 MA.

“When markets sell off on good news…”

Run, don’t walk.  :)

ETH actually looks substantially better than BTC, for a change.  There was a buy signal yesterday, with a follow-on rally today.  The only fly in the ointment is a spinning top candle today that with a large upper shadow which has a 53% chance of being a reversal.

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