I see a lot of abnormal behavior going on in the
BTCUSD
market. I have been watching volume across (almost) all exchanges and keeping tabs on the blockchain itself, and IMO there's definitely a powerful "hidden hand" that is manipulating things behind the scenes. I think the institutional money has arrived and is looking to play.
My advice is to be extremely cautious about using technical analysis for the next few days, because these aren't your ordinary whales. Traditional FOREX markets have a daily volume over 4 trillion dollars. These guys have money and prowess to move markets in very deceptive ways, baiting you into taking predictable positions and then squeezing you out. Expect a lot of deep-pocket fuckery.
Honestly I would throw all conventional crypto-market wisdom out the window for now. These guys are trying to shake coins out of as many weak hands as possible. The fewer players remaining in the game come next week, the easier the market will be to manipulate for futures. Unless you are extremely confident in what you're doing, it's better just to HODL and let things cool off for a while. I wouldn't even trust altcoin markets; look how quickly surging BTC price sucked all the air out of the crypto-room yesterday.
The fundamentals of Bitcoin are as strong as ever, so I think the best move to make right now is to simply not play the game. Just HODL until the madness is over, and if the market bottoms-out, buy more, don't try to sell the crash.
BTCUSD
market. I have been watching volume across (almost) all exchanges and keeping tabs on the blockchain itself, and IMO there's definitely a powerful "hidden hand" that is manipulating things behind the scenes. I think the institutional money has arrived and is looking to play. My advice is to be extremely cautious about using technical analysis for the next few days, because these aren't your ordinary whales. Traditional FOREX markets have a daily volume over 4 trillion dollars. These guys have money and prowess to move markets in very deceptive ways, baiting you into taking predictable positions and then squeezing you out. Expect a lot of deep-pocket fuckery.
Honestly I would throw all conventional crypto-market wisdom out the window for now. These guys are trying to shake coins out of as many weak hands as possible. The fewer players remaining in the game come next week, the easier the market will be to manipulate for futures. Unless you are extremely confident in what you're doing, it's better just to HODL and let things cool off for a while. I wouldn't even trust altcoin markets; look how quickly surging BTC price sucked all the air out of the crypto-room yesterday.
The fundamentals of Bitcoin are as strong as ever, so I think the best move to make right now is to simply not play the game. Just HODL until the madness is over, and if the market bottoms-out, buy more, don't try to sell the crash.