BTC doing BTC things
The other day I was watching the 4hour and plotted out a basic trendline where the breakout was a text book example.
We saw a pretty large pump to $3882 that was immediately shutdown. I would've thought after the breakout that BTC would start to trend up again but only a day later and a huge selloff started.
It's hard to say what's driving this here. There was recent news that some Korean exchange execs were sentenced to jail time (bitcoinerx.com/exchanges/korean-crypto-exchange-execs-sentenced-to-jail-time-over-faked-trading-volume/) over faked trading volume, and perhaps this put a damper on the mood, but I'm more inclined to believe this is competing interests trying to see where the price can be taken.
To me, at least, the selling is dying down. I just cannot see a situation where we go below $3,200 any time soon, but this is BTC, and anything can happen.
What do people think?
We saw a pretty large pump to $3882 that was immediately shutdown. I would've thought after the breakout that BTC would start to trend up again but only a day later and a huge selloff started.
It's hard to say what's driving this here. There was recent news that some Korean exchange execs were sentenced to jail time (bitcoinerx.com/exchanges/korean-crypto-exchange-execs-sentenced-to-jail-time-over-faked-trading-volume/) over faked trading volume, and perhaps this put a damper on the mood, but I'm more inclined to believe this is competing interests trying to see where the price can be taken.
To me, at least, the selling is dying down. I just cannot see a situation where we go below $3,200 any time soon, but this is BTC, and anything can happen.
What do people think?
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