In the last couple of days, I was overwhelmed with panic theory and I almost believed in emotional selling and a huge drop in the Bitcoin price. As soon as I saw the Bitcoin price is rising against the flow of all markets I understood something is not right and after visiting my charts again I was wondering how could I not see this. As you might know crypto market is not as big as other markets and most of the volume you see is faked by exchanges and the smaller the market gets it's easier to manipulate it. First of all, you can see how they used the panic state to drop prices as sharp as possible and absorbed all the selling in phase one then followed by the accumulation phase and buying climax plus low volume test at the end. If you are familiar with Wyckoff's theory you can see the phases completely.
1-huge fall in prices using news 2-accumulation phase 3-buying climax 4-breaking accumulation phase 5-low volume test
I don think "they" is valid this time because of the virus. This isnt just "bank of america bans bitcoin" news. this a global shitshow. And I expect we go back to 3-4k area 1 more time before going up. Or we might even go lower, who knows.
people are losing jobs day by day as the world is standing still, more or less.
but, in the end. who knows lol. Maybe those who say that BTC will rise now are right. It would also be amazing because it would prove that BTC really is something unique and even a global market crash isnt going to take out BTC. That would be such a huge sign of strength that would maker me perma-bullish.
EdwinBerwald
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Rising against the flow of all markets is not possible.
I do not understand it.
Regards Edwin
people are losing jobs day by day as the world is standing still, more or less.
but, in the end. who knows lol. Maybe those who say that BTC will rise now are right. It would also be amazing because it would prove that BTC really is something unique and even a global market crash isnt going to take out BTC. That would be such a huge sign of strength that would maker me perma-bullish.