I am still trying to figure out what the heck happened on July 5-6 that would cause this so called 'trend reversal'. I have come up with bubkis as it seems so arbitrary. I would have expected it to touch closer to 50s first and then slowly increase, not a shot right to 100. WTF man WTF
There's nothing to figure out. When the price stabilized around 76 and nobody would eat the wall at 80 someone realized they could pick up 15,000B for like 1.1-1.2 mega USD buying from $76-82, with a high probability of pushing the market to at least $100 on the momentum. What gave assurance there would be momentum there? Bids were stacked _deep_ in the 60s and 50s since everyone was waiting for "the bottom". Since they want to buy cheap coins, where does all that money go if the price starts to take off again? After all, $70-80-90 were _extremely_ profitable entry points when we spent several weeks between $100-134.
It was a good time to pick up a ton of coins and produce a trend reversal as a result. So many people were waiting on the sidelines for "confirmation" before buying anyway.
Technical indicators don't mean anything when _one_ person with 7 figures in fiat on Gox can move the market to that extent, although I certainly expect they did use TA to time their decision.