since our touch of the $340 zone, having broken a long-term support line at $380, all the western exchanges have been led by the nose by the chief bull, China (specifically OKcoin and Huobi) in a series of pumps that have brought us up 50% in value from $340. None of these steep rallies has pulled back more than to the 38% retrace before spiking up again. That is a bullish sign within a movement, but overall the formations are looking pretty artificial. A comparison of the parabolic rallies going back into February shows a more organic upward curve, whereas the current rally is a series of stacked "hooked" curves downward. None of the levels has been allowed to pullback, and barely to consolidate more than a few hours.
We've also crossed this rough pitchfan channel completely and are running into many upper resistance lines, so even if there's another leg up, thanks to china, it doesn't have much room left. This whole formation looks unstable...
If this is a completely artificial rally Made In China, the pullback could be more severe than the "unwinding" declines we've seen after the last few rallies.
@ronfkingswanson Does my chart about the timezone-trading understates your thoughts? (upward pressure looks organised by big buys at same time)... Also, did you look back at okt/nov pushes, where those also staircase or something else. It may have been compose, ofcourse it could lead to bullish movement of the followers.