Well,all the support lines gave way dramatically and shockingly in the space of an hour last night! BTC price actually fell below the last and only support line left available to it now, the long term ascending line. This line on the chart commenced in Dec 2016 and since its formation it has never been breached, ever, until this morning. Thankfully, BTC price quickly went back above this resistance long term ascending line. But BTC price really is on its last legs in terms of avoiding a major plummet down to the 6k/5k or worse price level.
So, what happened? Why the crash? Well, if we are dumb and have no brain cells then we will believe the crap being pumped out by various 'crypto news' feeds.
Explanation number 1 is that some obscure micro exchange called Coinrail...never heard of it..(probably because its ranked 90th in the world) located in the back ass of nowhere with a microscopic daily turnover of just $2 million got hacked. But we are supposed to believe that caused a massive crash and caused $15 BILLION to get wiped off the value of the global crypto market? Reeeeeally?
I have a question for you guys. How many of you ran screaming like little girls to your exchange and panic sold as a result of this micro exchange getting hacked? If you didn't do this how many people do you know did this? This explanation is b*llsh*t.
A second possible reason were are given is that the US Commodity Futures Trading Commission has subpoenaed several large exchanges, including Coinbase, Kraken and Bitstamp. This, were are told may have caused the crash. But this 'news' was public many hours before the overnight crash we just witnessed.
Two points of note on the latter explanation for the crash. Firstly, this 'news' came out and was globally known about 12 hours before the recent crash took place! Why a 12 hour time lag before a market response? That explanation doesn't hold water. Second point is why would the involvement of bodies like the CFTC or SEC cause a crash if they were investing exchanges to see if they are playing honestly or not. There has been no allegations made by the SEC or CFTC that any of the exchanges they want to talk with have done anything wrong. But the reaction of the market is to crash? Again guys, I ask you, how many of you or how many people do you know, ran screaming to their exchanges screaming SELL SELL SELL because they read of the CFTC seeking to talk with several exchanges?
We have had several weeks of good news recently but market prices hardly even really reacted positively. More a case of sideways trading. But when we have news of an allegation that an atom sized exchange has apparently been hacked the global crypto market crashes? Or, a US government body wants to check the trading books of a few exchanges and the market crashes? Come on. Really?
Anyone get the feeling something else is really going on? Anyone else get the feeling that the crash of last night had nothing to do with any of the two lame explanations presented to us?
Personally, and I have have absolutely no evidence to support what I am about to write, just a gut feeling, but I believe big players manipulated the price of BTC again. The crash was too fast and to deep to be anything other than an orchestrated event.
So, good luck to the CFTC in their investigations of the exchanges subpoenaed. If any of those exchanges named are found to have manipulated the market they as an exchange are finished.
We now only have the long term ascending line to protect us from the abyss. If BTC breaches this support line the next stop is so far down our ears will pop on the way day. We may be on the brink of devastation here.
OR...or...the crash of last night was possibly the last attempt by the market manipulators to shake out as many 'weak hands' as possible in order to drive prices down as low as possible before the institutions arrive to enter the market?
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What brings me some comfort is the knowledge that if the price of BTC remains extremely boring and just follows the long term ascending line then BTC will eventually reach 20k this time in two years, i.e mid June 2020. So, if you bought BTC a few weeks back at 8k you will have made a 150% return this time two years from now. Not bad at all.
However, 2 weeks is a long time in the crypto space, never mind 2 years. In 2 years BTC could crash so many times to silly low prices that end the end speculators will simply write it off as a joke and move on.
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Bad news. The long term descending support line did not hold the BTC price. It is now in free fall as of 18:50 GMT on 10th June 2018.
It is now possible for BTC to drop to 4K. Look out
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This second wave crash has now put BTC price recovery right back to February of this year, which was the worst month after the 20k collapse. unbelievable!
Is this normal market activity? Are you Kidding me? If you want proof of market and BTC manipulation look no further. $6500 within the next hour coming up.
The cause? Don't tell me, another even smaller exchange in deepest Mongolia with a daily turn over of $5000 just got hacked and another $15 BILLION just got wiped off the markets value? FFS!
This sudden, rapid and huge price drop / heavy selling is clearly orchestrated by big players. At this rate it will no longer be profitable for miners to mine BTC.
Can't wait to read the sh*t 'news feeds' that will now start to show up on the Internet attempting to explain this second massive BTC drop.
Man, if I could turn the clock back I would never have bought into the crypto crap! Anyway, too late for that. Just hoping I don't lose all of the money.
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What ever you do. Don't sell. That's exactly what the whales and manipulators want you to do. Then they will come back in and buy up your BTC and other coins / tokens at bargain prices to fill their bag with even more BTC. This will push the price up and the whales end up with a BTC price back to where it was before the manipulated its price. But now they will have your BTC in their bag for a fraction of the cost.
If you don't sell and more people buy as the price drops they will be buying the whales BTC so the whales will make a loss and get rehkt! This may teach them a lesson. More BTC in more hands is what is needed instead of more BTC in fewer hands.
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So, who in their right mind would buy BTC or any other crypto currency now given its unacceptable volitility and constant down trend? I struggle to see why institutional investors would come within a mile of this market now,
I had hopes just a few days ago. It seemed the market had stabilised. But with very low trade volumes that explains why there was little movement in the prices and just lots of sideways movement.
Did the whales get bored with volume inactivity and decide to piss us all off by dumping for their own amusement?
Remember, the crypto market is totally unregulated and so massive manipulation like this can happen with the perpetrators escaping without charge.
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The first crash of early Sunday morning lost $324 off BTC price. The second crash later that day lost $545. The decline in price in between those crashes basically wiped $1000 off the price of BTC in less than a day.