The technical picture is deteriorating. I'm with reptilia on this one: buy cheaper coins in about 1-2 days.
Has bitcoin ever rallied to an all-time high and then stabilized right near the top for a few days, and only then crashed significantly lower? That has never been the pattern before. I think the fact that we're consolidating just under the ATH is bullish for another surge to the upside within 1-2 days.
It's exactly like that.
What happened after this?
That chart shows a consolidation at about 50-65% of the ATH in 2011. We are currently sitting at only 10-15% less than the ATH. I think that's a significant difference, from a technical perspective.
But is that difference good (bullish) thing?
I admit we could be forming a double top. However, I believe it's more likely that we're forming a cup and handle, resulting in one more big rally to a new ATH, somewhere above $1000. After that, then probably a more significant correction and consolidation period.
The cup was on Nov. 19-20, and the handle is the last two days. See hourly chart.
