BTC: Manipulation Wars and the Witnesses
Updated
It's somewhat clear, IMH0, that we're all bearing witness to 'Manipulation War' between Whales, Institutions, Exchanges, etc, who want two different things.
One faction want Bullishness, the other Bearishness. I personally feel the underlying tone is Bullishness, but these Power-Bears are smashing the Bulls down at crucial Technical moments and whenever the Bulls try to breakout.
Today (see purple outline on Chart), we saw an attempted Bull breakout in 5 min Candle, and then almost immediately the Bears smacked the Bulls down from $6493 to $6208 within 5mins - with higher Volume. Faarrk.
It was the same Power-Bears who culled the Bulls from $8200 to $7400 - taking advantage of thin Order Books & Volumes in the weekend; and likely taking advantage of Insider Information that the SEC were going to delay the ETF Decision.
Then the Power-Bears 'swept the legs' to $6900. And one final nudge crush to $6500 to ensure that the Bulls knew their Wave 4 was invalidated, and therefore, the Bulls' desirable Wave 5 (impulsive Bull move) wasn't going to happen.
I have no idea what will happen in the Short-term. The Market wants to go up, but the Power-Bears won't have any of it.
I wonder if the Power-Bears will now create a Bull-Trap to circa $6800, and then smash all the suckers down to $5800 - $6000, and then to $5450? I can feel it in my Bones.
Stay Sharp.
One faction want Bullishness, the other Bearishness. I personally feel the underlying tone is Bullishness, but these Power-Bears are smashing the Bulls down at crucial Technical moments and whenever the Bulls try to breakout.
Today (see purple outline on Chart), we saw an attempted Bull breakout in 5 min Candle, and then almost immediately the Bears smacked the Bulls down from $6493 to $6208 within 5mins - with higher Volume. Faarrk.
It was the same Power-Bears who culled the Bulls from $8200 to $7400 - taking advantage of thin Order Books & Volumes in the weekend; and likely taking advantage of Insider Information that the SEC were going to delay the ETF Decision.
Then the Power-Bears 'swept the legs' to $6900. And one final nudge crush to $6500 to ensure that the Bulls knew their Wave 4 was invalidated, and therefore, the Bulls' desirable Wave 5 (impulsive Bull move) wasn't going to happen.
I have no idea what will happen in the Short-term. The Market wants to go up, but the Power-Bears won't have any of it.
I wonder if the Power-Bears will now create a Bull-Trap to circa $6800, and then smash all the suckers down to $5800 - $6000, and then to $5450? I can feel it in my Bones.
Stay Sharp.
Note
Here it is on the 5min timeframe...Bulls got slappedNote
Bulls just got manhandled again by Bears. Back under $6500. Bear Volume speaks Volumes.
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