Yeah but that doesn't explain why in one day (today) it dropped significantly. Over time yes in weeks, not in one day.
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Yeah but that doesn't explain why in one day (today) it dropped significantly. Over time yes in weeks, not in one day.
In experience with several markets in several areas they all rhyme together. it was simply a breakdown of a MAJOR level. Porbably the most important level in bitcoins short history. 6100 is the level and you have everyone bailing. There are a TON of technical reasons that show this decline including BB tightening signaling a large move, the fast taht this has tested the 6000-6300 range over 10 times already each time it is going to get weaker and there were no buyers. I mean look at that wall. It broke.
I forget where I read this, but they called it last year. This does not surprise me at all. Hang on folks! We might be in for a hell of a ride!
I don't think it is a convincing breakout to the downside yet. It is too fast (time wise) to call that yet and the move is likely electronic stops being triggered and it has not gone past the Sep 17 low convincingly. It could easily be down to simple price manipulation when in such low volume sideways trading (see my comment to
@adonisabril). Time will tell as always. If it breaks down past 5200 with high volume confirmation then there is no telling how low it can go.
Convincing breakouts usually happen fast...maybe it was manipulation at first but this is a cascade of retail dumping here. Also not sure why 5200 is the level? 4800 would be the next stop IMO which coincides with an 80% drawdawn from top to bottom that has happen over 6 times in bitcoins history and this will be the seventh
Yes seems that way now. Steem seem to be dropping faster and further as well.
There seemed to be a lot of tension in the market after months of sideways trading, my uneducated guess is that traders were waiting anxiously for any sign indicating if the market was going up or down, and were ready to sell or buy at the first significant pump or dump. Some whales sold, they followed.