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Bitcoin Top Formation Divergence Unfolding

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  • Bitcoin Top Formation Divergence Unfolding

    Observe the 30 minute bar charts on Bitcoinwisdom - detailing the price of bitcoin on OkCoin and Bitfinex... and review the fact that OKCoin market did not break to new highs on about the 20th of October, while the price on Bitfinex did trade to new highs.

    And then look at the difference between the price chart patterns in these two markets on the 23rd of October, and below, on the 19th of October.

    Click image for larger version

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    and Bitfinex
    Click image for larger version

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    We can see, without any technical analysis, that the OKCoin market made new highs at the same time as Bitfinex on about the 13th of October, but when prices started to climb on about the 20th of October - OKCoin did not rally and break past the former highs on the 13th.

    This is a divergence.

    And it has been building for a few days:

    Here are the chart observations taken as screenshots on the 19th of October, before Bitfinex broke to new highs... we can see that the divergence had already started to reveal itself: View the difference between the slope of the trend lines in each chart:
    Click image for larger version

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    and here is Bitfinex on the 19th
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    What might all this mean?

    It could be that we are seeing evidence of a large scale trend change - at it's earliest stage... the slower interest from China could drag the world bitcoin price down, and cause a downtrend for a time...
    It could be that US and European markets will become the dominant leaders in bitcoin and the price will continue...

    My thinking?

    Most of my cryptocurrency investing is focused in a wide range of alternate digital currencies who have had their prices under speculative selling pressure for months, that I believe was caused by traders selling their altcoins to jump on the bitcoin bull wagon - pushing the alt coins far below the value of their projects...

    If we review the price chart of Bitcoin and the various altcoins on November 5th, 2016 - it strikes me that we may now be in a similar moment, and a similar opportunity stands before those of us who are looking for it.

    Follow my new profile on Steemit

  • #2

    It appears to me the top formation is maturing and we will get an answer to this question soon!
    Follow my new profile on Steemit