Bitcoin falls heavy. Beware - bear trap in Cryptos right now. No negative news. Hodl.
Don't panic. Hodl. There are no negative news out, just traders wanting to cause panic and buy in cheap.
UPDATE: THERE ARE NEGATIVE NEWS OUT. CHINA REGULATES
CHECK MY NEWEST POST
This has all the looks of a whale organized bear trap. Thanks for info, no one's panicking here! Sooner or later, as volume increases in Bitcoin, whales will realize it's not so easy to cause panic on the Bitcoin network anymore, they will have to change their game. regards
What do you mean? A tactic used to get people to think a crash is coming and sell?
Or to catch people going short?
A pretty common tactic, they are spreading fud about China banning crypto but it's only the ICOs being banned
Yes. I find it funny that anyone buys into the China stuff. China, if I am not mistaken, is one of the largest miners of bitcoin. It is a huge source of wealth for them. What incentive do they have to kill the price? None.
If I read it properly, China stands to reap billions from their mining operations by pushing the price to the moon. It might not get there but they will have a substantial windfall.
Do you see the whales pushing the price down too far or just a minor pullback...as I noted below, trying to find an entry point.
It is not just bitcoin though..ALL cryptos are down big time. Panic spreads fast.
I just saw this news that said China might shut down local exchanges.
That is probably the reason for the dip.
Yup!
there is bad news tho http://finance.caixin.com/2017-09-08/101142797.html
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But..but...cryptocurrency can't be manipulated!!!
yes! safe investment !!
You think this is a minor pullback or the start of something larger?
I have powder ready to go, just unsure of my entry points. I am a long term hodl so the entry point isnt crucial. Of course, I dont want in at $4400 if it is going to $3500 or $3000.
Some are calling for the support of a few weeks ago to be hit ($3600 area).
Do you see that?
Nope. But I could be wrong. Who knows :)
I think we've entered into a consolidation phase, @scandanavianlife. Likely we'll see a lot more downside with a few up days her and there as things shake out.
All in all, this is healthy after a prolonged, steep rise. I'm not a buyer here, but would Hold what we currently have... This isn't a good spot to sell.
I have followed. Good luck with BTC and Steem!
Too many weak hands anytime anything starts to go down even a little bit.
Very true. This dip really came out of now
I think we will only see more of these sorts of shenanigans in the future as you say, big investors try to muscle their way in. I also think the banks will try their hand at wreaking havoc. Crypto is a threat to them!
Bankers Plan to Stop Bitcoin