RE: Market Manipulation and the Dive
Hi @indigoocean. Bitcoin looks to me to possibly be forming more or less a double bottom from the first 10 day period of April and/or a triple bottom from more or less Feb. 6th. And let's face it: as bitcoin goes, so goes all the rest of the crypto market for the most part. So far it seems the day you ran this may have been the turn-around and support is holding. If we see any significant build up from here, odds are good it could be the beginning of another bull run.
Although, with all the market manipulation going on, as well as the fact that so many central banks are working on their own cryptocurrency, they may limit it to another month or two long bull trap. Who knows through. Tis' the year the 1988 Rothchild owned Economist magazine predicted the New World Currency. My last post went into that a bit and there's a lot more I've got my eye on. The last 6 months since the day bitcoin went live on the CME it's been like HODLing the back of mostly a bear. LOL Anyway, hope you have a nice weekend.
Thanks for the insightful comment. I've actually been seeing a lot of volatility the last few days. It went up the day the SEC declared BTC and ETH to not be securities, then went down again the next day, and has been up and down ever since. Was up last time I checked today.
I resonate with your prediction. We can never know, but it does seem that the manipulation in the market (which not only holds it down, but also scares of would be new investors) may continue to make us bounce sideways (my idea of the bull trap) for another month or two. Eventually the fundamentals of the tech will take over. The crypto will simply be needed to fulfill its function on the blockchain, and that which isn't needed should fail to exist.
From my perspective there hasn't really been much volatility the last few days, at least not compared to the pace at which things moved especially last year. I guess from a stock market volatility perspective yeah, but to me it's sooooo sloooow moving and volumes have been so dead compared to 5-6 months ago. Then BTC was hitting sometimes in the low 20 billion USD daily volume range and the whole crypto market pushing 50B+. Lately I've seen maybe 6b on the highs and 3b, like today, on the lows with a total crypto volume around 10B. It's like the day traders have been pushed off the markets by the bots and HODLing away, like me. :)
I especially agree with your comment,
That's why I really focus on utility.