FUD & Hack Induced Dip

The day began with a continued dip that accelerated into a mini-crash after a fresh round of FUD, and also a hack at Binance which accelerated into panic sell-off.

The Binance hack, combined with fresh FUD from the SEC and also China seemed to pile up, but there may also be another reason for the sell-off, This article says that:

Nobuaki Kobayashi, a Japanese attorney and trustee in the bankruptcy case of Mt. Gox, has stated today that he has sold over $400 million worth of BTC and BCH.

Mt Gox selling off selling large amounts of BTC may also have contributed to the sell off it seems.

See also this post by @acidyo.

All the FUD and hacks aside, let's see what the charts are doing:

4 Hour Charthttps://www.tradingview.com/x/d1la33A8/

The MACD is clearly on the bearish side on the 4 hour chart (no surprise), and the RSI headed down into the oversold zone creating a bounce.

I said I was bullish yesterday, but the daily chart now looks a little weak also:

https://www.tradingview.com/x/eie7rkJW/

The RSI is back below the 50 level, and the MACD looks like it might turn back in favor of the bears.

Despite that there is still one major sign to be positive about, and that is the fact that the key $8900 support level wasn't tested, and the support at $9400-ish has also held up too.

This might be a good sign. Considering just how much news/FUD seemed to getting thrown at the market today; the major low of the prior crash is nowhere in sight.