Whale Manipulation: probable cause for $ 3k Bitcoin Correction
It's been a long time since I last published a chart...
but have been PRIVATELY charting for the last two years..
watching on multiple 40 inch TV screens... in a half circle on my trading room desks.
Any time I walk into my office, I see what is happening in the market.
And with BTC approaching its ATH..
I decided to return.. again to discuss market manipulation and predictive theory.
Any good TA pro checks his own work against the best.
I also follow other TA experts who are NOT on TradingView.. because I am picky as all hell!
and they know more than me in many areas of charting.
Where I stand out.. is in my own manipulation theory.. that is NOT Wykoff.
So when I saw these other professionals warning about historical pull backs at previous ATH
I paid attention to this and got super paranoid about a giant correction
But WHEN... is the big question, when you are a day trader and do many trades a day.
At the time of the super correction...
I did not know there are resources revealing the total global movement of coin to exchanges
And had I seen that . I would have better predicted the 'when' and...
been more convinced it would actually happen sooner , before the ATH was reached
For those of you NEW to tech analysis (TA) please see my tutorial posts
And a reminder, during a crash, two sharp double-bottoms is using the point of the final fall
It also helped that it stopped at a major support area
And because I had my yellow support lines in place...
I sort of had an idea visually of where this would be
Again - no guarantee that the price collapse would stop there.
As there are NO guarantees from TA.
It is entirely possible the whales did not dump all their assets
And there is more sitting there on these exchanges.
But for me, it makes sense to reach an ATH
and see them dump again
Why?
If the price stays below the ATH
then whales are still a big influence on price
If we blast off to 25k and beyond...
then the price will get carried away for a while
Disclaimer: Anything I publish is speculation.
Do your own trades at your own risk.
but have been PRIVATELY charting for the last two years..
watching on multiple 40 inch TV screens... in a half circle on my trading room desks.
Any time I walk into my office, I see what is happening in the market.
And with BTC approaching its ATH..
I decided to return.. again to discuss market manipulation and predictive theory.
Any good TA pro checks his own work against the best.
I also follow other TA experts who are NOT on TradingView.. because I am picky as all hell!
and they know more than me in many areas of charting.
Where I stand out.. is in my own manipulation theory.. that is NOT Wykoff.
So when I saw these other professionals warning about historical pull backs at previous ATH
I paid attention to this and got super paranoid about a giant correction
But WHEN... is the big question, when you are a day trader and do many trades a day.
At the time of the super correction...
I did not know there are resources revealing the total global movement of coin to exchanges
And had I seen that . I would have better predicted the 'when' and...
been more convinced it would actually happen sooner , before the ATH was reached
For those of you NEW to tech analysis (TA) please see my tutorial posts
And a reminder, during a crash, two sharp double-bottoms is using the point of the final fall
It also helped that it stopped at a major support area
And because I had my yellow support lines in place...
I sort of had an idea visually of where this would be
Again - no guarantee that the price collapse would stop there.
As there are NO guarantees from TA.
It is entirely possible the whales did not dump all their assets
And there is more sitting there on these exchanges.
But for me, it makes sense to reach an ATH
and see them dump again
Why?
If the price stays below the ATH
then whales are still a big influence on price
If we blast off to 25k and beyond...
then the price will get carried away for a while
Disclaimer: Anything I publish is speculation.
Do your own trades at your own risk.
Trade closed: target reached:
Sorry for the silence, been busy trading!
My job is to provide insight that others are not as specialized. My forte is MANIPULTION theories.
So as predicted...
The recent three attempts to breach 20k failed.
And as I talked about earlier.. the whales who previously moved tons of coin to the world's exchanges (that caused the big 3k drop) said whales waited for the three main world markets to exhaust their buying.. and then make their pre-planned move for taking the knees out on BTC.
This is actually GOOD for the market, but that story is not for today.
IMHO...I think the whales don't want a panic sale this time (like the last 3k lightning drop)... so they are doing it bit by bit.
The second leg down is coming...and also EXPECTED. In fact as I write this, you it is restarting. It is MY opinion this was all by design, as to give TA specialists time to warn loyal followers. Or maybe it's just smarter to do it slower.. who knows.
Either way.. where is the price going?
TA suggests that 'price corrections' often follow TA Fibonacci retrace percentages. Such as...39.2 or 62.8 percentages. So.. what you do is subtract from the first big bull rise (not from zero) said bull run being 10k to 19.8k Thus we get a drop prediction like 17500 or 14500.
Mind you, these stopping bottoms are not just made up, but come from TA theory.
So.. it is my opinion... the whales would be happy with a bottom of 17.5k ish. But as that I am not a whale, nor speak to any... it is possible they want 14.5 to be that bottom.
If any of you are thinking of getting into BTC or Ripple.. that bottom is your best chance to get in early enough.. before BTC takes off again to 20k... and beyond.
With BTC, a lot of respected experts think the first stop for BTC will be 25k.
But the even crazier news is Ripple (XRP) which is predicted to stop first at $ 1.20 and then $ 1.80.
Furthermore, rumors are that Ripple might burn some coin.. and then there is the coming airdrop on Dec 12. Ripple sounds like a fair short term trade.. . considering you would triple your holdings if you bought at a low like 0.52 or 0.58 (etc)
Many TA pros whose opinions and charting I trust the most... and follow (none on Tradingview, sorry) say that once ETH gets past its 'crazy road block sell wall' of $ 620.. the next stops are $ 700, $ 750, $800 and $900. Since ETH had an ATH of a nice $ 1448.. its possible that once BTC hits $25k.. that may be re-visited or even beyond.
Take note that ETH did not have the same blowout moonshot reaction to ETH 2.0 as XRP had to its coming air-drop with Flare. (soon, Dec 12 2020)
As I don't invest in the other coins yet, not saying the other coins are not good investments, but the coins I am mentioning (IMHO) should have the best gains once they get past their sell walls.
Sell walls for Ripple are 0.60 and .631 (a real bitch) and then 0.64 and 0.66 and thereafter it should be an easy 0.72 nd beyond.
So pick your bottom and place your bets. Either way it should all be coming back upward in the coming weeks.
My job is to provide insight that others are not as specialized. My forte is MANIPULTION theories.
So as predicted...
The recent three attempts to breach 20k failed.
And as I talked about earlier.. the whales who previously moved tons of coin to the world's exchanges (that caused the big 3k drop) said whales waited for the three main world markets to exhaust their buying.. and then make their pre-planned move for taking the knees out on BTC.
This is actually GOOD for the market, but that story is not for today.
IMHO...I think the whales don't want a panic sale this time (like the last 3k lightning drop)... so they are doing it bit by bit.
The second leg down is coming...and also EXPECTED. In fact as I write this, you it is restarting. It is MY opinion this was all by design, as to give TA specialists time to warn loyal followers. Or maybe it's just smarter to do it slower.. who knows.
Either way.. where is the price going?
TA suggests that 'price corrections' often follow TA Fibonacci retrace percentages. Such as...39.2 or 62.8 percentages. So.. what you do is subtract from the first big bull rise (not from zero) said bull run being 10k to 19.8k Thus we get a drop prediction like 17500 or 14500.
Mind you, these stopping bottoms are not just made up, but come from TA theory.
So.. it is my opinion... the whales would be happy with a bottom of 17.5k ish. But as that I am not a whale, nor speak to any... it is possible they want 14.5 to be that bottom.
If any of you are thinking of getting into BTC or Ripple.. that bottom is your best chance to get in early enough.. before BTC takes off again to 20k... and beyond.
With BTC, a lot of respected experts think the first stop for BTC will be 25k.
But the even crazier news is Ripple (XRP) which is predicted to stop first at $ 1.20 and then $ 1.80.
Furthermore, rumors are that Ripple might burn some coin.. and then there is the coming airdrop on Dec 12. Ripple sounds like a fair short term trade.. . considering you would triple your holdings if you bought at a low like 0.52 or 0.58 (etc)
Many TA pros whose opinions and charting I trust the most... and follow (none on Tradingview, sorry) say that once ETH gets past its 'crazy road block sell wall' of $ 620.. the next stops are $ 700, $ 750, $800 and $900. Since ETH had an ATH of a nice $ 1448.. its possible that once BTC hits $25k.. that may be re-visited or even beyond.
Take note that ETH did not have the same blowout moonshot reaction to ETH 2.0 as XRP had to its coming air-drop with Flare. (soon, Dec 12 2020)
As I don't invest in the other coins yet, not saying the other coins are not good investments, but the coins I am mentioning (IMHO) should have the best gains once they get past their sell walls.
Sell walls for Ripple are 0.60 and .631 (a real bitch) and then 0.64 and 0.66 and thereafter it should be an easy 0.72 nd beyond.
So pick your bottom and place your bets. Either way it should all be coming back upward in the coming weeks.
Bitcoin is still bullish, responding to buyer excitement from the retail market.
Warning! Do not let your guard down and think we are in the clear.
Whales still have fingers on the SELL trigger for more coin waiting on exchanges. That coin is NOT there for posterity, as whales store coin in private wallets when HODLing.
Anything can set off a huge sell.. though I would say Monday 'News" and headlines might cause price to move in either direction. Reaching the ATH again can cause a panic sell off... as well as a general drop below $ 7500.
For those trading Ripple and Ether, we have two weird situations. Once Ripple recovered.. it now appears locked in a $ 59.6 to $ 63.7 range no matter what happens to Bitcoin. Ethereum moves up and down reasonably well, but stalls at $ 630 once BTC reaches $ 9000.