Thanks for the update - I respect your analysis very much - at the moment it really seems difficult to read the market at all. So "sitting back and watch" is probably the right thing to do.
Thanks for the update - I respect your analysis very much - at the moment it really seems difficult to read the market at all. So "sitting back and watch" is probably the right thing to do.
Let me add one question what I was thinking about - do you think that one reason why analyzing bitcoin becomes so hard might be because of massive market manipulation? You probably want to do that in times like this and against what analysts are expecting. Any thoughts on that?
I don't think there are enough new big players yet who want (and have the ability to) to profit from BTC manipulation. Most BTC is owned by 50-100 huge wallets.
The banksters can play a little with the illiquid futures market, but I think the moves are still driven mostly by fear and greed of the many (because the big wallets are just hodling most of the time. It is not proven yet, if the futures market really contributed to this crash or not. 80% corrections are nothing new in BTC, but only now that your average joe neighbor has started to invest a little, it seems to hurt like crazy.