Crashing?
You mean that tiny little drop from $280 to $260 in the past 24 hours?
That doesn't look like a crash to me. That just looks like normal bitcoin volatility.
Yep, pretty normal price fluctuations. If it stays this way for a number of years there will be a lot of very rich and happy traders. Look at that chart. This thing is like the most predictable roller coaster ever. Buy in the valleys and sell at the peaks: win.
From a price action analysis standpoint
on this chart:
Price tried twice to push higher and failed.
The support at the 275 level was then breached.
All the traders that were long with their stops
below the recent base of support were stopped
out, which creates double selling pressure as
the longs were forced to sell out their positions
and smart bear traders went short at the same
position.
I would probably expect two legs down before
the bulls return in force. However, if the bear
breakout fails and price returns to over 280,
it is likely to resume the bull trend or at least
a range bound period with highs around 300.
