Today we made a triple top at 4400 -- it looked like it was going to break into all-time high territory, then somebody on one exchange (Bitfinex) did a ~2000 BTC market sell order. Good example of how the bitcoin markets are still thin enough to be easily manipulated. What it accomplished was "painting" a 4H bearish engulfing candle, which most traders look at as a pretty significant sign of weakness. Market panic and uncertainty ensued, because a potential triple top is a spot where many are already cautious of a rejection. So what probably happened was someone with deep pockets decided they hadn't accumulated enough BTC yet, and wanted to kick it down the hill towards $4000 in order to pick up more at cheaper prices.
So where to consider a buy now? We're still in a strong bull trend, but in retrace / consolidation mode, so I'm looking for confluences of support. The 4000-4050 area looks nice, because many different types of support align there.
So where to consider a buy now? We're still in a strong bull trend, but in retrace / consolidation mode, so I'm looking for confluences of support. The 4000-4050 area looks nice, because many different types of support align there.