The Bitcoin market is highly efficient at selling at the maximum point when the downtrend would finally stop. So each time when the market hit the maximum energy to go up long-term, the market goes down. This rejection effect is off course very strong.
You can think of it like a magnet, which has a force that pulls and attracts or repels other magnets. So each time when it was cycle wise the best time to buy Bitcoin*, but this opportunity was sold off, then market repelled with maximum force the uptrend direction. Which then resulted in a strong downtrend. This might be again the case, at least for a few days here, because we just had another Ichimoku kiss of death today.
* as signaled by Tenkan-sen (Conversion Line) (blue color) crossed above the Kijun-sen (Base Line) (red color)
Comments
TheNewXDAGuy
⋅
I think what your seeing can be explained by the "short bubble" and the varied effects of leverage on the market. Each time it was the "cycle" to buy, it was sold into..because they believed the "cycle" to sell would last longer. However I think the short bubble is popping..but I also think we need to see at least one solid attempt at old lows before it can really pop..some whales have to get rekt hard to kill the money tree and break this downtrend for good!
This recent wallstreet otc news "COULD" be an indication that real buying is ready to enter, but so far its looking more like a PnD sell the news opportunity.
FluidicFX
⋅
Nice analysis of the recent shortlived uptrends. I think it applies to smaller timeframes to.
This recent wallstreet otc news "COULD" be an indication that real buying is ready to enter, but so far its looking more like a PnD sell the news opportunity.