Bitcoin Phase Transition
This is drawing on the work of Armstrong, plus some historical phase transition events, notably silver in 1980.
This could also be tying in with the timeline of the upcoming hard fork. Traders always move in anticipation of events.
Now that we’ve seen the “outside reversal” (i.e. the bearish engulfing) we need to be really careful in watching the right side of the spike. A failure to make a new high will probably lead to a lot of selling, especially with the impending event that is only six weeks away. “Cash in my massive gains now, and re-buy after the hard fork is past.”
Phase transitions generally retrace at least back to their starting point, in this case, bitcoin 1250.
FWIW, the daily indicators are still positive. For instance, the most recent red candle on the 18th is more bullish than bearish, and the pattern code still shows no breakdown.