Now I show you how whales (group) make money by manipulating the market. I have whales' (group) actions in red and normies' thoughts in green.
I am curious about what kind of FUD they are going to bring to us in about 5 days.
Feb. 22 is the first workday in China after the Chinese New Year holidays. Maybe some new bans are coming? I am not going to trade before BTC drops to 4k or 5k zone or before Feb. 22. Taking less profit is much better than taking losses.
I do not expect our market to back to normal until the vaporware projects die out.
This bubble is blowing off. WHY? Because 99% of investors/traders buying cryptocurrencies here aim at making money. Only 1% or even less of people buy because they need to USE the coins/tokens. Therefore, the increasing of price is almost the only reason why people are spending their money on crypto. People who have made huge profits (ez 20x if you bought early) last year will cash out when they find the price stop rising. And fewer new buyers will come in the market when they see the price is not moving up much anymore. Will you buy more crypto if I tell you BTC will worth at most 5k EOY? The situation will only get worse and worse until we can USE crypto in real life. Before that, this is just a casino. Be prepared for losing money to big players.
I might be wrong in short-term. I can only guess what is the whales' plan. They may also change their plan if they have more FOMO materials to work with or the FUD materials can not be released on time. There is a chance that BTC goes for another bull run and even breaks the downward channel. I do not know all of that. But I do know it is highly risky trading at the moment. I will definitely not jump in. You can trade at your own risk.
I saw your chart over at MPC's chart analysis...it is a bit risky right now. Some strange things going on with volume and manipulation...see Lisk. Total market manipulation. If you were not in early it had to hurt going into their convention and rebrand on Tuesday. I expect LISK to recover, but it will still be tied to BTC...even though it went up during the crash a few weeks back. The fact that some of that money was whale money and big players lets you know you had better be careful when even the most consistent token in the past few months can be played like that. They can even move big old BTC around at will, it seems, with a combination of FUD and waves of money which triggers panic selling. And to the guy who said this is just price action (below), there was enormous walls of money selling at Binance and Bitfinex. That is not standard price action, nor is 10 percent up or down in 48 hours.
Uh... No. This is just observation of price action. Unless you can associate real market maker accounts and orders with these moves then it is what it is - just price action. Not every big or unforeseen move is a 'whale'.
Callmepope
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@MoonPickle, switch to 1 minute chart, go to where the price got suddenly pumped from 10750 to 11000; and check the volume before and after the pump. And tell me why large amounts of retail traders all bought in within the same narrow time frame when the buying volume was obviously dying? I do not believe that's normal price action.
evilak
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@Callmepope, yeah ofc this market is manipulated. everybody knows, yet nobody wants to let go
MoonPickle
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@Callmepope, you lost me at 'switch to 1 minute chart' - none of this is proof without HARD, REAL TECHNICAL DATA