All charts of bitcoin are in USD terms.
The big boys (and some late to the party) want to accumulate hard to get bitcoins, therefore the only way they can do this is scare them out of the weak hand wallets. Those who brought above $1000 on the way up to $20000. Of course (and lets hope for the bulls) the big boys do not want to break the chart completely and force a panic sell off beyond critical levels of massive support (say BTC $1000 USD).
So this most recent pop from $3000 to $4300, we believe, is a bull trap, higher prices to build up shorts and bull disappointment to get price down below $2700 USD. Price nearly was falls down through support from a run down from resistance. Lets face it, bitcoin is thin, it can be pushed around 20% with ease.
A sell off which holds above $1000 is still very bullish. If you are a Elliot Waver, you can see there is more waves to unwind down below $3000 as they selling is not done.
The big channels chart of Bitcoin USD. (Note: Readtheticker draws and holds over time channel objects with ease and great accuracy.)
A zoom into the zone of decision.
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