Everyone feel happy and energetic while Bitcoin has increased to over 5.700 USD last 24 hours, look at the Bitcoin's price chart, we can see the "tripple peaks" is forming (1D).
To the uptrend idea, there are many good news for Bitcoin and cryptocurrency recently. Many investors have started to consider carefully about this digital asset (
CFTC Chair Giancarlo Expects ‘Explosive’ Spike in Crypto Interest). Furthermore, this is the first time in the last 5 months BTC's price over 5,700 USD, so we have can think about good future.
On the other hand, If we look at the 1D chart again, there are some chances that the price has just formed the tripple peaks model, so the price gonna down to lower than before it rise. Moreover, recent IEO platforms have showed their failures, investors consider cryptocurrency as a scam platform so that they will withdraw their money for investing in other field.
Actually, this is just my personal view. Please share your opinion and we will discuss about it.
Usually on triple peaks model on technical analysis does really signify market reversal but this wont really be a guaranteed thing to happen anytime on crypto.
About on your insight of IEO reason,we wont able to say that it is a main factor but somehow its plausible.People did realize that IEO are failures? I do already
make some warning before on about that matter but i dont see this is the main reason.For now we cant conclude if this is already a reversal or just a bull trap.