Wait, did everyone just bail on $WIF ‌ at the same time?

That pump to 0.505 looked like it was going to the moon, but the rejection was instant. We just saw a massive red candle wipe out hours of gains in one shot. Now we're sitting at 0.432, trying to find some ground.
The volume on that sell-off was pretty heavy, which tells me there’s a lot of profit-taking happening near the top. If we can’t hold the 0.405 level on this pullback, things could get ugly fast and we might head back toward the 0.38 starting point.
The order book is still showing 66% buy side, but don't let that fool you. If the momentum is gone, those bids will pull away real quick. I'm waiting for a solid green hourly close before even thinking about a re-entry.
The 7-day trend is still up nearly 50%, so the bigger picture isn't ruined yet, but this local volatility is definitely a wake-up call.

#JusticeDepartmentSellsBitcoin