ItisCalvin
Short

Triple Tops and Crazy Sellers

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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Just about everything that was needed to be said is on the chart. Expect for that having a lagging indicator ( MACD ) confirm before the leading (PSAR, Stoch ) indicates that ranging is a high possibility.

This has happened before in one of my previous charts where MACD confirmed ahead of all leading indicators and the downward trend never formulated.

The tops, while not exactly the same, are close enough that a triple top is likely formed. The confirmation comes when it goes below the previous neckline of at least 568.

This formation of the triple top hasn't been going for weeks so I would not expect it to fall drastically below 550. 567-570 will be tested IF it falls below.

Comments

looks like your prediction has come true.
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ItisCalvin herrschmidt
Yes, it goes to show those who really don't think TA is legit need to pay attention.
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herrschmidt ItisCalvin
What do you think comes next? Further downward movement or slow recovery?
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ItisCalvin herrschmidt
Writing up a TA right now, but I think a decent correction is due. It is hard to tell since many of the indicators haven't quite given a clear BUY or SELL.
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Nice chart thanks !
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