Third foray in as many days below $18,000
A familiar pattern has played out in the past three days of Bitcoin trading: It falls below $18,000 and then buyers appear to quickly bid it back up.
On Wednesday, it got as low as $17,650 before the buyers took over. Yesterday it hit $17,914 and today it hit $17,894.
Technicians don't like triple bottoms because it means that the double bottom failed to inspire a rally. Every time you go back to the well, the odds increase that you will have to go deeper to find water.
So take this as a negative sign.
I'm disappointed that we didn't see a continuation of the rally after the climb to $1900 followed by the swift drop to $1600. I thought that was enough of a dip to inspire a sustained rally through the all time highs.
The message through isn't particularly bearish though. For now it just means a longer period of consolidation in the $16,000-$20,000 range.
