BTC - Right Shoulder before 2nd Sell Off

270 4
Same pattern as before, bouncing to the blue fib retracement level before deeper sell off down to midrange of pervious peak
That drop on 8th September was due to an article about Chinese exchanges being closed if I recall. If I am remembering right, I would say the market is vulnerable to bad news here, but we shouldn't expect the pattern to repeat without any.
skrypets nerophon
@nerophon, I agree, previous bad news is connected to significant hash power allocation to BCH, BCH pump and propaganda of "real Bitcoin", BTC is confident on it's path to it's previous high, while BCH will soon drop where it should be...
@nerophon, If you zoom out though, the same double peak / double sell off pattern has occurred 3 previous times. I think this is probably the 4th of a 5 wave pattern with a final push to $10k coming after a sell of to $5k.

davidlxchen nerophon
@nerophon, it doesn't matter if there is news or not. there's a limit to how much money is converted into btc, once the limit reaches people dump their holdings naturally. Also if enough people expect things to go a certain direction, it most definitely will go that direction.
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