Bitcoin is coming down.. but it's a GOOD thing
For all of those who are new to BTC or don't have a clear understanding of technical analyses, DON'T PANIC.
We have a clear upwards trend-line but for the next day or 2 Bitcoin could come down, but it's a good thing.
WHY?
Because BTC clearly is following a nice upwards trend-line and it needs to re-test this trend-line to keep on following this positive pattern. If you look at the below chart you can clearly see it tested this trend-line 5 times over the last 2 months.
Big investors looking at technical analytics
As the popularity of BTC is growing over the last months, it's normal that the "BIG GUYS" wants to come and play. So what do they do? They follow the technical analyses that they use from traditional markets they have been investing in for over decades.
Conclusion
Even if BTC is coming down 5 to 7% over the next days, don't panic, it's a good thing to mature over time.
Is it me, or I'm kinda seeing head & shoulders pattern.
could be, but I would always follow a strong trend-line over a possible Head&Shoulders. But it could become a inverted head & shoulders which will send it right up.
Perfect analysis and you have nailed the fact that we should all buy more :)