THE BTC WEEKLY CHART: "The Panic Zone" Where's the top?

11 Des 2015

Is it time for a double top? I made a slight modification to the unconfirmed downward trend line, the dashed blue, The dashed red is a confirmed trend marking the current rally. Top resistance is at $490 slightly lower than the blow-off top 5 weeks ago. Effectively we are still in the wedge I previously spoke of in an add-on note. I have to admit this rally has been surprisingly healthy with rising averaged volume along with a rise in price. A break to the upside beyond $500 would be a blast-off point for the next major move up (beyond $1200). On the less positive side, the rally is getting ahead of itself. with a two week surge that is begging for a retracement back to the trend line. A retracement would create a classic double top which traditionally is an omen. A downward break through the trend line would be setup for a major move down. The panic zone is still in the below $275 range.

Over the next few weeks I expect wedging action between the hashes. A break either way can occur. Study the volume moves on the daily chart for clues. I'm short term Neutral and very long term bullish. I don't think the market is ready to blast off in the next two months and I fully expect some bottom testing action.

Here's a few of interesting articles:

wired.com/2015/12/bitcoins-creator-satoshi-nakamoto-is-probably-this-unknown-australian-genius/
oann.com/exclusive-australian-police-raid-sydney-home-of-reported-bitcoin-creator/
oann.com/stakes-are-high-in-hunt-for-bitcoins-messiah/
wired.com/2015/12/new-clues-suggest-satoshi-suspect-craig-wright-may-be-a-hoaxer/