Is Bitcoin about to crash,Bitcoin
 

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As I write, Bitcoin is double topping with last Wednesday's record breaking one
day upward push. Was Wednesday the ' Death Throe ' candle, and will this double top, if it holds, be significant?

" As a strict technical analyst, I cannot honestly see how Bitcoin can keep on rising as it has recently been doing without a significant pullback, even a complete collapse. I know that it is unlike any other market being traded right now, but surely, if human nature, which after all is the only factor which drives the markets, can be used as a guide, then logically, this monster has to come down, and come down hard, and I write this now, because we could be now seeing Bitcoin begin to unravel.

Price always returns to its 200 day moving average, always. Look anywhere and you will see this to be true.

Bitcoin is so far above its Daily 200 day simple and exponential moving averages now, that it seems impossible to me that it can keep on climbing without coming way back, and I mean back to 10,000 or lower. Yesterday's record breaking move, the single biggest one day candle in its history, a $3,761 rise, could well be a ' Death Throe ' candle which signals the top or bottom of a market, temporarily or otherwise.

These Death Throe candles can be seen on any market, on any time frame, I myself look out for them, for they often signal the end of a trend. They are typically much longer than any candle preceding them, and I have drawn attention to them quite a few times before in my threads. The fact that the price sold off hard immediately after yesterday's candle closed is very significant.

Time will tell. " - A story comment of mine from last Thursday.

Could the correction, when it comes, turn into a selling rout as holders of Bitcoin rush to secure the gains they have made?

It may take time to unravel, but a rejection off of last week's high could well open the door to some fairly significant selling pressure.

This is not a prediction, just an observation of what may unravel, but of course, this is Bitcoin, and just as it has been doing every time it has pulled back, it is bought to new levels.