The best word to describe Bitcoin’s current market is unpredictable. After the big $100 drop earlier this month which officially ended the 4 month long bull wave we have been riding, all signs pointed to consolidation in the $380 range, however, last week the price unexpectedly jumped $40 in 1 day. Those that weren’t greedy and sold when they saw the big green candle got out at the right time because soon after the market crashed back down to the $380 level.
Mike Hearn’s vocal departure didn’t help with the price recovery and the attacks towards the Bitcoin community seemed to coincide quite well with the emergence of the bear market. Bitcoin, the honey badger of money does not seem to have much regard to any negativity shining it’s way. Whether its called a failed experiment, or bills are being lobbied to ban it, the reality of the situation is that the Bitcoin network is operating as intended. On tradingview, many traders decided to short the market as all technical analysis was pointing to more sells incoming. However, against all odds Bitcoin’s price is holding strong at $390 after an earlier high of $403.
purpurato59 from tradingview provided the following chart and posted: “If you use the weekly time interval and chart price back to the 1200 peak, you will find an interesting thing about OBV: we are at the same point, and we seem to have done a double peak. On the other hand, indicators like the RSI seem to be completing a H&S pattern which would be the beginning of a huge bear cycle. If this is the case, we could go back on the $300’s or lower. I hope it’s not, but it should be considered anyway.” Chart taken from tradingview.com The head and shoulders pattern purpurato59 […]
