So, we are in quite a pickle here with BTC facing life or death in the form of two scenarios.
Scenario A:
BTC exits the bearish channel and enters a new bullish channel and the overall positive sentiment is restored.
Scenario B:
BTC bounces back inside the bearish channel and continues to go down and the overall negative sentiment prevails.
Analysis:
70% of BTC is owned by very few hands. Let us presume for the sake of argument that you are one of those people. Now, what would you do in a situation like this when you can manipulate the market with your big/significant ownership of BTC? Will you let BTC enter a long term bearish channel so it will continue to go down? Why? You don't need it to go down so you can buy some cheap BTC because you already have enough of them. What you need is for BTC to climb to $50,000 or even $500,000 per BTC so you can sell your BTC at a premium. You don't want this game to end before it even starts. You want to exploit it to its full potential, cash in on all the new money that is ready to flow in. So, naturally you do everything you can to manipulate the price and push it out off the bearish channel. It's all a game of intent and market psychology. If you can see beyond the red and green candles, chances are you'll come off a winner. Good luck! :)
Scenario A:
BTC exits the bearish channel and enters a new bullish channel and the overall positive sentiment is restored.
Scenario B:
BTC bounces back inside the bearish channel and continues to go down and the overall negative sentiment prevails.
Analysis:
70% of BTC is owned by very few hands. Let us presume for the sake of argument that you are one of those people. Now, what would you do in a situation like this when you can manipulate the market with your big/significant ownership of BTC? Will you let BTC enter a long term bearish channel so it will continue to go down? Why? You don't need it to go down so you can buy some cheap BTC because you already have enough of them. What you need is for BTC to climb to $50,000 or even $500,000 per BTC so you can sell your BTC at a premium. You don't want this game to end before it even starts. You want to exploit it to its full potential, cash in on all the new money that is ready to flow in. So, naturally you do everything you can to manipulate the price and push it out off the bearish channel. It's all a game of intent and market psychology. If you can see beyond the red and green candles, chances are you'll come off a winner. Good luck! :)