RE: Bitcoin tanks, watch the bounce for clues as to where we go next
It looks like a bottom...but it will probably bounce a little bit. It is an important question how sideways it will move though. Will it bounce back? Will it go sideways? Will it do a combo of both and just go crazy?
It going crazy is probably just me being hopeful, cuz it makes more points for me to trade on. :P
I think it's more likely it will bounce up a bit, return a bit, then bounce higher, etc. I keep expecting this to be over and it to go back up...but then it doesn't.
There is no way that in this market there haven't been people amassing bags of crypto. Perhaps the question we should be asking is why all those that are likely buying more aren't affecting the market. I don't expect FUD to be effecting those that have held out this long...though I could be wrong.
It could be that this has been caused by another selling by a large player...perhaps one who's dead... There's a lot of old bitcoin out there that could be sold at any moment and effect the market drastically.
It came out late yesterday that a few large funds took positions off the table due to the uncertainty surrounding the BCH fork today. That likely sparked much of the selling.
Yeah, I was thinking about that...but I keep thinking about times in the past where they claimed it was such and such, then later it turned out that it was something else. All sorts of things influence the price...but usually it's large players making moves for their own reasons...which can totally be the reasons people are guessing about...but they're just guesses.
Yep. Whales move markets, everyone else just reacts to what they do.