It doesnt mean alot alone
I'm sure some people will use it as a signal and sell. Sad, but true.
Best ignore all those pesky TA signals...after all its not like we're in the quality TA thread...no, wait
Seriously, ( <------ and not dour)
We've not had a true bear market since 2012, it was always going to happen.
Breathing space to improve and consolidate infrastructure, get BTC out of beta
And most importantly, realign people's expectations.
I like my TA with a dose of empiricism or at least plausible structural theory. The *only* justification for treating the cross-over on bitcoinwisdom as a signal, as opposed to any other pair of moving averages, is the mere fact that it is the default on the 1 week chart on bitcoinwisdom. Well, I'm sorry, but that's not a rational basis for a trading strategy. We should ask the proprietor to randomly perturb the default periods on the moving averages.
It's sad because people will trade on such a pathetic excuse for a rationalization, thinking it is driven by some deep and compelling model, when in fact they are just hanging their emotions on a scary picture. It's sad because most of them will lose bitcoin as a result (perhaps not as a result of selling at that specific time, but almost certainly as a result of selling low and buying high), contributing to the concentration of wealth in the hands of a few skilled but, in all too many cases, sociopathic persons.