Now you know the power of whales. They do not simply rely on dumping to suppress the price. Instead, they create bad news. They have control over the media to make sure you receive the information they want you to receive. They destroy people's confidence in the market.
The bad news always turn out to be not that bad. But together with huge sell-off, they make you feel fear and uncertain.
From the chart, we can see the situation is similar to what we had last time before the Feb. Crash. We are in the consolidation phase right now and later it will become a part of a giant bear flag. If history will repeat itself, we still have around one and a half days before the next crash.
Then it will crash to around 8k and have a dead cat bounce. And then a lower low, likely around 5k.
Now Fiat is the king.
Good Luck.
The bad news always turn out to be not that bad. But together with huge sell-off, they make you feel fear and uncertain.
From the chart, we can see the situation is similar to what we had last time before the Feb. Crash. We are in the consolidation phase right now and later it will become a part of a giant bear flag. If history will repeat itself, we still have around one and a half days before the next crash.
Then it will crash to around 8k and have a dead cat bounce. And then a lower low, likely around 5k.
Now Fiat is the king.
Good Luck.
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Many Chinese traders are saying that they cannot open the webpage of multiple exchanges. It could be the beginning of the second wave of FUD. Be careful.
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9200 could be a local bottom. I am trading a bounce here. Target 9600. Stop loss 8900. Very risky.
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Very likely we will see another dump before the bounce. Wait for it.
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Some news gonna be released at in about 18 mins. Could be either very good or very bad.
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Opening any short-term long position is extremely risky. I only use very small amount of money to trade bounces. And when it is in the consolidation phase after a big dump, alts will grow a little bit. I trade that. And then I move out quickly once there are small profits. 8400 could be the current local bottom.
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It is unlikely that BTC will fall to 6k or lower again in short-term WITHOUT very bad news. However, whales may have FUD material from the ongoing the National People's Congress and the Chinese People's Political Consultative Conference (end at Mar. 20th), and the upcoming G20 meeting (Meeting of Finance Ministers and Central Bank Governors, March 19-20th). Also, there might be some new regulation policy come out from the U.S. government in this month. So March is not a very good month for longing any coins.
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They are trying to build a double bottom. I think they will finally make it. But whether the double bottom can lead to a bull run is a different question.
We don't trade patterns. We draw them.