#BTC Dump-A-Thon on BitMex tied to Timezones & Investor Psyche
So we have all been sitting by pulling our hear out trying to figure out what has been going on with Bitcoin over the last three days or so. We came so close to breaking the neckline for an almost perfect Reverse Head & Shoulders setup that would catapult us into a solid bull market. BUT, that didn't happen!
Instead we have been dumped on by major whales, exchanges getting hacked and government agencies that are trying to FLEX and show their power (when really they cant regulate anything in crypto) and it has caused a major shakeup in the crypto world.
What I am attempting to show you in this chart is the different time zones globally and what has been happening as those time zones wake up to previous days news and the surprise of the epic falling BTC price.
Each Killzone represents a very active time in each zones stock market and you can clearly see that as traders hit their desks each morning and evening they are reacting to the previous time zones activity. Thus, creating this epic spiral down of what has seemed like endless dump.
If you woke up to a $1000 spike down in price, what would you do that morning? If you woke up to a $1000 increase in price, what would you do? How would you trade? More importantly...How would the everyday Joe trade?
I'm not sure how much longer this can go on for but if we make a break below $8900 I would be prepared to see the $6000 range again....
I certainly hope this isn't the case, but as we go through the rest of the week keep in mind these killzones and think about how you would react waking up to the news and price action from the previous open market...this will better help you to trade on the investor psychology and not just technical analysis.
Instead we have been dumped on by major whales, exchanges getting hacked and government agencies that are trying to FLEX and show their power (when really they cant regulate anything in crypto) and it has caused a major shakeup in the crypto world.
What I am attempting to show you in this chart is the different time zones globally and what has been happening as those time zones wake up to previous days news and the surprise of the epic falling BTC price.
Each Killzone represents a very active time in each zones stock market and you can clearly see that as traders hit their desks each morning and evening they are reacting to the previous time zones activity. Thus, creating this epic spiral down of what has seemed like endless dump.
If you woke up to a $1000 spike down in price, what would you do that morning? If you woke up to a $1000 increase in price, what would you do? How would you trade? More importantly...How would the everyday Joe trade?
I'm not sure how much longer this can go on for but if we make a break below $8900 I would be prepared to see the $6000 range again....
I certainly hope this isn't the case, but as we go through the rest of the week keep in mind these killzones and think about how you would react waking up to the news and price action from the previous open market...this will better help you to trade on the investor psychology and not just technical analysis.