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RE: Crypto Smackdown : Straight from the Playbook
I have been trading for a while starting with forex. I discovered in my trading Bitcoin last year that applying forex principles was not working. Maybe it is not enough history for good TA. Maybe it was thin volumes spread across multiple exchanges. What I did notice was a Friday effect. Go back to March to September and you will see some 80% of smackdowns happened on Fridays during Europe/US hours - i.e., after China hours. I changed my trading model away from a forex model to trade with no stop losses - just big account margin. End of smackdown risk for me. More risk but not stopped out either.
I will be happy to add that word to my blogging vernacular.
I too have seen this trend of most moves occuring in the weekend due to thin markets. This clearly shows some type of manipulation. However, this can go both ways as shorts can been squeezed too which is what happened last time we were down here.
It's very interesting. I wrote about the weekend trading about 7 months ago but I've noticed that Fridays have become more frequently volatile since. I think it might be because people started getting afraid of the weekends and were selling early.
Thanks for sharing your experience and knowledge of forex. I don't know forex very well but I've heard TA is strong there too.
My theory about Fridays also extends to when the Bitcoin miners have to pay their staff and other bills