As more and more serious, studied, experienced, older, wiser and wealthier traders come into the markets, and reach outside of the pure bitcoin markets for trading excitement, we see more and more classic patterns in the middling time periods. And in the big bounces and rallies from the first lows off the $48 highs, we saw 1M and 5M cups, textbook cups, some retracing with handles, but most rallied on the right cup wall rim, before ever retracing, glorious upward movement in stepped cups that resolved ever upward.
So here we are presented with flagging technicals across the time periods, and the picture perfect , no remarkable height on the head, but a reconfirmed right neckline. And it's at the top of a reversal sparked on a poorly formed at the recent low of $9.119.
China's voucher workaround is a State sponsored venture more than likely benefiting the biggest pockets that say Li Ka-Sheng! And the flow of voucher fiat Yuan into Chinese exchanges is highly monitored and controlled. sentiment from Chinese FUD permeates the discussions.