BTC UPDATE: Signs of Manipulation on the Big Day
In my last BTC analysis I wrote down my theory on why we could see new lows today.
You can read about that here: "In depht explaination on why BTC will rise after the 26th"
This post is meant to be a little update on what is going on and what I think it will happen.
Last few days market appeared to be stagnant, paralyzed. Prices were moving in a sideways pattern as if everyone was waiting for a big event.
It seems the big event, as expected, just knocked at the door as prices are starting to move downwards.
I am still sticking to my theory yet I am no longer sure about the target level we are going to hit:
futures will expire at 3 pm UK time which is about 6 hours from now.
It might seem like plenty of time to bring prices to new lows yet it would be too risky for the big players that would have to put loads of money in if the average trader doesn't help panic selling.
On the other hand, at this point, there is a huge consensus within the community that 8k is a strong support level and people have lost hope accepting the fact that we might see BTC hovering just above that price.
Indeed, many buy orders have been placed the last few days between 8k and 9k.
Will be looking at the charts throughout the day and open new positions on the way down.
Stay safe!
~Steven
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I totally agree with your analysis. Some people say that 6k is another strong support level where most big players have entered the market last year. But it would be too risky for them to manipulate the market from 8k up to that point. If many people expect the takeoff point to be around 8k, do you think it would be safer for small traders to put buy orders at sub-9k?
I would consider placing buy orders on the way down. For example: 9.5k , 9k , 8.5k , 8k
Thanks for the advice!
My pleasure! Have a great day
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