RE: Bitcoin Mania Has Arrived! I Will Be in My Bunker.
You were saying?
That aside and not to be a wise ass or talk down but the mentality of your last post only but reaffirms my previous post. Lets take look at history, which always repeats itself as the market is just the greed and fear cycles of human nature put to numbers with charts and volume.
History tells us without fail that a big downside reversal can coincide with a climax run, which is another key sell signal. Bad reversals may involve the heaviest daily volume since the start of the big move, the largest one-day point loss, or the widest daily or weekly price spread ever.
If we apply the idea of Bitcoin to another once hyped "life changing, mind bending, institution wrecking technology"-- fuck the power company, I don't need them. I'm going solar, we can draw some parallels. I seriously doubt grandma was putting her 401k in solar.
Solar stocks were red hot in 2007. SunPower (SPWR), one of the best performers, recovered from a third pullback to the 50-day moving average following its initial breakout in December 2006. In September 2007, the stock ramped to new highs.
On Nov. 8, SunPower surged as much as 13% intraday, hitting an all-time high of 164.49. At its best levels that day, the stock was up more than 100% since the start of its rebound two months prior.
But SunPower then showed a big change of heart and ended 2% lower in huge volume.
The price spread from high to low was nearly 20%. SunPower continued to plummet and fell 68% by March 2008 eventually trading in single digits before rebounding.
I'm also not saying BTC will die, it will most certainly recover in some form be it Legacy, Gold, 2x, or whatever. The concept have proven itself. It may be like Apple, and crash to nill only to rise from the ashes to new heights.
http://www.wisebread.com/the-4-greatest-stock-reversals-in-the-last-decade