The longer we linger the more convinced I am that the whales intentionally double topped the BTC market. I had actually heard rumor of this back in late July but at the time the rumor was that the CME whales wanted to double top it against last year's high of 13800, since CME was not in the Bitcoin market during the run up to the all time high. To me that didn't make sense to ignore the all time high, simply because they weren't in the BTC market at the time. The time frame was originally mid October, but BTC lost footing at 12k almost a month before that, so they struggled to get it back up and let others sell. Then the founder of Okex was detained by police in mid October. He was evidently instrumental to that plan. With his whereabouts unknown, it appears that the whales pushed to get price back up QUICKLY to make a double top of the ath and still have time to get their money reinvested elsewhere before year's end.
@ericdabbs, it would mean that whales deceived the market into a bull run to allow them and their friends to cash out.
Jeff_Cryptopop
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@ericdabbs, @DoctorJohnSmith That's exactly what it would mean. A double top is a reversal signal. It appears we not only have a local double top (recent), we have a market one as well. The second top is usually broader (softer) than the first. If it doesn't break past in the next few days, I think it'll drop. usually does. In 2017 we rose from 9000 to 19900 in 30 days. Within 45 days of the ath, we had revisited 9000 again. tradingfuel.com/how-to-trade-double-tops-and-triple-top-pattern/
ericdabbs
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@Jeff_Cryptopop, That would be great if it played out that way. Only time will tell. It seems that most traders are looking at the 12K-15K area as possible support but if it drops to 4 digits BTC say 7.5K to 8K that would be very interesting.
Jeff_Cryptopop
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@ericdabbs, I don't think it'll necessary end up four digits first. Coming down last time that wasn't the first drop. I do think it'll be about 30% the first time.
flai54
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@Jeff_Cryptopop, you think it will drop 30% the first time...bounce a bit and then eventually drop to 8K, bounce a bit and then drop to 6K?
iksperial
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lmao good luck shorting bull market
Edward_Cash_Trader
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@iksperial, bull market stands until bears take over.