Interesting chart @Clint
There seems to be a line of defence pretty much cast in stone currently at 6000
However perhaps we are mistaken in looking at the charts in the same way as we do those of Currencies, since there are a few Large holders, many tiny holders and who sets the price ?
The centralised “Bitcoin shop” seems the most likely Market Maker to me. Now we know that in “the old days” the “Market Maker” would raise the price of a share, to stimulate demand, then sell into that demand.
Demand, though fairly thin does seem to increase a bit with the bounces off 6000 and the peaks of each bounce are progressively lower.
Then we see this from @purtle
I may be missing something, but I can’t think of “BTC” as a “Currency”, which would have a foot in reality, being linked to the GDP of and the production capacity of one or more countries populations and generally be unable to fall out of the tree. Nor can I think of it as a “share” with a fundamental value. Not even as a “Commodity” as generally speaking “Commodities” have a use - as a raw material or a valued consumable, or in the case of Gold - a store of value and hedge against inflation.
Bitcoin to me possesses none of these attributes. To me it seems to have more in common with those “toxic investment bundles” palmed off on the investment community by the Banks as “investment packages” - Those bundles largely blamed for the collapse of confidence in the Banks, causing the recent “crisis” which could easily have spilled over into a collapse of confidence in money itself !
We could IMO just be witnessing the very beginnings of another such situation and the collapse of “Bitcoin” could just lead people to ask " well what is the difference between Bitcoin and ‘Real money’ ? "
The answer to that question, when pondered is “Actually very little” !
Interesting times - but in answer to Clint’s question, I think there are just too many powerful holders to allow a full scale collapse at this juncture. “Distribution” is far from complete at the moment, so some sort of rise out of teh green triangle would be my bet (If I was a CC trader that is ! )