The Silk Road drop was a moment of pure panic driven by the unexpected Silk Road seizure. It was a sudden, very sharp and news driven crash. In the end, for various reasons, SR and BTC going mainstream on news had a positive effect on the price, which was probably bound to rise anyway.
This drop is slow, on low volume is not driven by major news. Yeah, there was the gold dump (but last time gold dumped bitcoin was rising pretty fast) and Ecuador "banning" bitcoin, but they seem more like "excuses" for a drop, rather than actual reasons for what happened.
We were approaching a "moment of truth" breakout with very important long term trend lines as support, but we breached them because some chinese on Okcoin and Huobi started the dumping.
For these reasons, sadly, I don't see how this downtrend that we have right now could be seen as the "Silk Road pre-bubble crash" or a bullish signal whatsoever
I agree, I think the SR seizure caused more of the public to become aware of bitcoin and more people to start using bitcoin. This drop is slow, on low volume is not driven by major news. Yeah, there was the gold dump (but last time gold dumped bitcoin was rising pretty fast) and Ecuador "banning" bitcoin, but they seem more like "excuses" for a drop, rather than actual reasons for what happened.
We were approaching a "moment of truth" breakout with very important long term trend lines as support, but we breached them because some chinese on Okcoin and Huobi started the dumping.
For these reasons, sadly, I don't see how this downtrend that we have right now could be seen as the "Silk Road pre-bubble crash" or a bullish signal whatsoever
