Institutional interest to keep this area intact. Shorts are nearing ATH so to me it doesnt look like we will break 5800$ in the short term. If we break above 6700 a lot of shorts will be under water and that will support a fast ran to 7400$.
The whole last failed rally felt suspicious to me because if we would break below 5800$ the majority would be easily right, and it is not often that the majority position turns out a winner. Also the huge red candle in the beginning of August was on a weekend with low Volume.
To make my point - To me this seems like the smartest market making, since retail investors are leaving there isnt much "real" Volume left. So what to do when huge Institutional Gateways are opening in the end of the year? Drive the price below 6800$, watch ICOs panic sell their ETH, watch left retailers go all short, watch public media write FUD articles, drive out any last hope that this is a Trend correction over say 1 year and not a bear market over 2-3 years.
Literally some CEO was on CNBNC and said that the Bitcoin/Altcoin bubble popped and compared it to the Dotcom bubble. This 2017 run is magnitudes smaller than the Dot Com era and the real CryptoBubble is yet to come.
Anyway this is not saying going below 5800$ is impossible, its just doesn't seem likely.
The whole last failed rally felt suspicious to me because if we would break below 5800$ the majority would be easily right, and it is not often that the majority position turns out a winner. Also the huge red candle in the beginning of August was on a weekend with low Volume.
To make my point - To me this seems like the smartest market making, since retail investors are leaving there isnt much "real" Volume left. So what to do when huge Institutional Gateways are opening in the end of the year? Drive the price below 6800$, watch ICOs panic sell their ETH, watch left retailers go all short, watch public media write FUD articles, drive out any last hope that this is a Trend correction over say 1 year and not a bear market over 2-3 years.
Literally some CEO was on CNBNC and said that the Bitcoin/Altcoin bubble popped and compared it to the Dotcom bubble. This 2017 run is magnitudes smaller than the Dot Com era and the real CryptoBubble is yet to come.
Anyway this is not saying going below 5800$ is impossible, its just doesn't seem likely.