• from 25/11/2017 BTC price went up so fast from 8150 USD to 19850 USD in 17/12/2017 which is 143,55 % in 23 days .
so this is in my opinion is a price .
• The price start to go down and this was logic for two reasons .
1- price 143,55 % in 23 days
2- Close to the Christmas 24/12/2017 in some countries - New year - Christmas 07/01/2018 in some other countries which almost 15 to 20 days off and as we know investors is all over the world .
• so the market makers or we can say the giant money which all the time they are the leader of the market and the trend maker.
• Then a lot of bad news start to appear in the market and this was the confirmation that the market leaders went out of the market and they published the bad news this is a big prove that they pushed the prices down and they left the coin with the small investors which make them get panic because the small investors they do not have power to push up the prices then they lost the buying power.
and market start to fall.
• Important explanation for the points on my chart :
Point No. 1 black line This is the line where the price break out the med term trend ( Blue tube ) in 25/11/2017 .
Point No. 2 green tube this is a long term trend ( Up trend ) .
Point No. 3 blue tube this is a med term trend ( Up trend ) .
Point No. 4 black tube this is a short term trend (Down trend ) .
• Phase one - price went below the point No. 1 but candle close above that line that’s shows price had finished the correction of the inflated price but candles closed above this line and this is a good sign but this is not the end .
- price still below the blue trend point No. 3 and price keep trying to close inside this but in case price close inside the blue trend we need at least to close the day candle inside this trend for 3 day then price should break out the red tube point No. 4 the down trend and till now we still inside.
In case the above scenario dose not work so we will go for Phase two .
• Phase two – price can keep going down in the red tube point No. 4 till it crossing over the green tube point No. 2 the long term trend .