^ a short term uptick was necessary and expected...before resuming the overall medium term downward trend...the pattern remains: lower highs and lower lows...that pattern has not been broken yet....
How can you say that after checking out the 12 hour chart, such as below:
http://bitcoinwisdom.com/markets/mtgox/btcusdWe have just seen the biggest move up for 2 months. A new pattern is emerging. At some point reversals have to happen, unless it is in terminal decline. I remember watching the Enron share price in late '01 (didn't have any, fortunately) and it just kept going down and down. When it hit $8 the Bloomberg guys were having a fit saying that it must turn around soon. It didn't, the company collapsed and it went to zero. Unless Bitcoin is in terminal decline we will not see a permanent downtrend. In fact the last four years has shown it is the ultimate financial instrument on the planet. I think it will remain so, based on remarkable fundamentals, and so do many other people.
Enron. NOT Bitcoin chart:
http://www.ecotao.com/holism/add/enron/Enron_whole.jpg