Why do I keep seeing people here posting idea's about an increase in price when we have a very clear Double Top pattern emerging. This is always, ALWAYS a bearish signal. Looking at your chart tells me that you've noticed it. But I don't think you must have heard of a Double Top before.
This chart is showing that hte price of BTC is returning to test 6k. If traders are still even willing to buy at 6k for a second time. Who knows what will happen down there, but this pattern is certainly showing a fall in price. No way could it possibly result in following the arrow you drew here.
tttdiff
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I agree with you. only another bad news will take it lower
VanBenno
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@tttdiff, The news we've had recently is good, right? But the markets sell regardless.
Good news 1.) People found out that they are getting a refund (with massive interest) on all the Mt GOX BTC they lost years ago. And the guy has been slowly selling off the coins over 2 months. He hasn't sold any at all the past 2 days, so his sales had literally zero actual impact on the markets yesterday.
Good news 2.) The SEC is protecting investors and guaranteeing that our investment in cryptocurrency will be protected as well. The SEC are good guys. They take any punitive action against an exchange which would negatively impact the investors. Even if they say that an exchange or product must shut down, they will ensure that the investors are fully compensated and that they lose ZERO money under these unlikely circumstances.
Two bits of really wonderful news and they still couldn't keep the price of BTC from crashing. Now it's a double top. The smart money see's this and they're not buying back in until the next bottom is found and volatility decreases and is validated by bollinger bands.
tttdiff
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@VanBenno, Good news have helped keep price up but like you said, smart money is manipulating- and it will be so until market cap is over 1.5 trillion. I agree that we should all encourage everyone to let it go and drop it to 4K to start fresh / get back in and create huge momentum.
This chart is showing that hte price of BTC is returning to test 6k. If traders are still even willing to buy at 6k for a second time. Who knows what will happen down there, but this pattern is certainly showing a fall in price. No way could it possibly result in following the arrow you drew here.