Here is the volatility everyone's been talking about...Bitcoin's upward trending zone collapsed over the weekend as the Coinrail hack made its way through the news cycles. An interesting side note, on June 9th the price was trending above a secondary resistance line connected to the peak on May 21st. This raised concerns of the market ready to deflate the price down as it traded above the secondary resistance line. By coincidence, a few hours after the resistance/support crossover point, the Coinrail hack became public and the price tumbled. There were two waves of sell-off with a slow down around 6700. The third sell-off rebounded quickly after hitting 6630 and may have hit bottom.
Today's chart is just for the record and will hold off on trending zone analysis until the market stabilizes.
Today's chart is just for the record and will hold off on trending zone analysis until the market stabilizes.