MTGOX:BTCUSD   Bitcoin / U.S. Dollar
138 1
A SHS in decreasing maximum
We that chart, we clearly see a textbook, classic head and shoulders in this time period and I agree, this is indeed a classic head and shoulders. The markets have an influx of new money, new traders and I believe that the reversal from the recent lowest low provides a myopic view for many of these new, bullish traders. So we see this head and shoulders, at a reversal top, we see it rally on the cuff of the sleeve of the right shoulder, and that's pretty irrational from our perspective. Just observing that the observations we see, these obvious things are not only in the perspective of the majority of traders in BTC at this time, but they are disregarded and read as a dip to buy. I think continuing waning volume, and a boring trading range for these impatient, bullish, new traders can only result in a retest of all time lows, and then panic, despair and a revisiting of the cycle. I can only rely on my historical analysis of "coin" and the knowledge that a correction isn't over until some unrealistic, unexpected and unwanted bottom is put in, and that has not happened yet. Whether the traders acting as if the bottom and reversal is a done deal can continue bullish movement up, and support and supply breakouts from light volume channels remains to be seen, but soon, they will be exhausted ... and older, more seasoned traders, and those that understand the history of the previously presented parabolic sections of the longer term S-Curve will be rewarded at what rationally must occur, a bottom with greater panic and despair. I remain bearish.
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