We have had bearish trend since June (a serie of lower highs). Those people who bought into the MintPal pump back then have faced like close to 90 % loss in terms of bitcoins and in terms of fiat even more due to the drop of usd/btc rate.
However it became clearly bearish this autumn as even the pattern of higher lows was destroyed.
However it became clearly bearish this autumn as even the pattern of higher lows was destroyed.
If you have both lower highs and higher lows, then there is really no trend at all (except toward reduced volatility).
It was only since August that highs and lows both began to trend lower, and the downtrend became very clear and well developed.
I don't know the reason for this. My theory has been that by August we ran out of new investors, and original group of investors had accumulated as much as they wanted. The price needed to go lower to motivate some averaging down, and more recently bring in some new buyers who find the lower prices more attractive and less risky.
I don't have very high confidence that my theory is correct. There may be other explanations for it.
