They call it consolidation or indecision in the market. After ETH went sideways for 32 hours around the 1210 level (two blue arrows), I call it a trap - and you have to admire the way they get away with this trickery.
Firstly, they took price midway between major 'support and resistance' levels so that going long or short would be an equally valid trading decision. Secondly, they stalled price for 32 hours knowing full well that very few traders have any patience and to give them plenty of time to 'place their bets'.
In one hourly candle (red arrow) they took out the stop losses of all the longs. Traders that went short were given a chance to pay themselves, but the majority would have not done that. Some would have added to their shorts and some of the guys that had their longs stopped out will have changed direction and opened a 'late' short.
In a second hourly candle (green arrow) they hit the liquidation points of all the shorts. Just for fun, the very same candle enticed a new group of traders to go long as it looked like it was going to the moon. Their trades were short lived as the candle snapped back down to take out their stop losses.
If you still believe what you read in your trading books or what you have been told by the 'experts' on why price moves up and down, then put me down as a crazy conspiracy theorist and ignore my future ideas.
This is crypto - it is a cesspit of lies and manipulation. Is my idea really that outrageous considering what you have experienced over the last few months?
Firstly, they took price midway between major 'support and resistance' levels so that going long or short would be an equally valid trading decision. Secondly, they stalled price for 32 hours knowing full well that very few traders have any patience and to give them plenty of time to 'place their bets'.
In one hourly candle (red arrow) they took out the stop losses of all the longs. Traders that went short were given a chance to pay themselves, but the majority would have not done that. Some would have added to their shorts and some of the guys that had their longs stopped out will have changed direction and opened a 'late' short.
In a second hourly candle (green arrow) they hit the liquidation points of all the shorts. Just for fun, the very same candle enticed a new group of traders to go long as it looked like it was going to the moon. Their trades were short lived as the candle snapped back down to take out their stop losses.
If you still believe what you read in your trading books or what you have been told by the 'experts' on why price moves up and down, then put me down as a crazy conspiracy theorist and ignore my future ideas.
This is crypto - it is a cesspit of lies and manipulation. Is my idea really that outrageous considering what you have experienced over the last few months?