Bitcoin - Market Manipulators at it Again!! Give me a break!
Updated
There was an important zone that was tested which simply left the bears in the dust, and many pounding the table about “market manipulation”. The calls for market manipulation are simply an excuse by those that can not admit they were wrong, regardless if it happened or not. It is all part of the game and like sports you should never rely on factors you do not control (like referees) to win. This is no different than a large stack player at the poker table using their big stack creating the action. Are you going to cry when you have to throw those aces away when he/she pushes all in after a 9,10,J or same suit flop? In the big boy world we call these “market makers” not manipulators.
Cheating is different, but in a market where there are no rules there is no cheating. If you think the market should play by your rules and cry foul every time you are crushed, my recommendation is quit the game. So keep on margin trading, but quit your crying and blaming others for YOUR decision to gamble. Trading 50-100/1 on margin is pure gambling. If you think you lost because of market manipulation I would recommend putting a mirror next to your trading screen, welcome to the real world!
Only a few days ago Marc and I, in one of our numerous conversations, were discussing where we could expect to see a pullback for Bitcoin. Needless to say we were expecting Bitcoin' to reverse between 7600-7800. Though I mentioned in my previous article, Bitcoin' could catch a second wind and rally towards our target of 8215, I was just as surprised as anyone to see bitcoin' rally to 8500. In the end the only one that is right is the market. With that said this was not only a significant move but an important one for bullish investors as well.
Bitcoin' tested the bottom of our resistance zone or the 0.618 retrace of the prevailing overall bearish swing. This is a major resistance level for bitcoin to push through. At S.C. we are looking for a pullback, consolidation and a trade setup before Bitcoin' pushes through this resistance level with an initial target an ideal target of 8850. Keep in mind this is in the middle of a major resistance zone so we are looking for a broader wave 1 top within the target zone or a continuation impulse to the 10k area.
Shallow support is found around 8000 and a reversal here could result in a retest of the current high or a push to the low 9k's. Ideally we are looking at the 7500-7715 area for support and a potential trade setup. There is also an extreme support level between 6850 and 7050 where we likely see the bears come out of hibernation, calling for 4k again. Where is my buddy venture lately ;)?
Bottom line, in this initial rally we were conservative in our trades, and though two of them came within $1.50 of the buy trigger, they reversed short of our limit order and rallied.
Missing a good trade is not the same as taking a bad one. We also are not guess the direction of the market or guessing where we pullback to or when. What we are looking for is how the market plays out where we can now be more aggressive in implementing a strategy based on the structure and trade signals. This is not a one strategy fits all. Being able to adapt to the market is critical in both investing and trading, and why we have several different strategies in our tool box, no different then a mechanic has different tools in his.
Cheating is different, but in a market where there are no rules there is no cheating. If you think the market should play by your rules and cry foul every time you are crushed, my recommendation is quit the game. So keep on margin trading, but quit your crying and blaming others for YOUR decision to gamble. Trading 50-100/1 on margin is pure gambling. If you think you lost because of market manipulation I would recommend putting a mirror next to your trading screen, welcome to the real world!
Only a few days ago Marc and I, in one of our numerous conversations, were discussing where we could expect to see a pullback for Bitcoin. Needless to say we were expecting Bitcoin' to reverse between 7600-7800. Though I mentioned in my previous article, Bitcoin' could catch a second wind and rally towards our target of 8215, I was just as surprised as anyone to see bitcoin' rally to 8500. In the end the only one that is right is the market. With that said this was not only a significant move but an important one for bullish investors as well.
Bitcoin' tested the bottom of our resistance zone or the 0.618 retrace of the prevailing overall bearish swing. This is a major resistance level for bitcoin to push through. At S.C. we are looking for a pullback, consolidation and a trade setup before Bitcoin' pushes through this resistance level with an initial target an ideal target of 8850. Keep in mind this is in the middle of a major resistance zone so we are looking for a broader wave 1 top within the target zone or a continuation impulse to the 10k area.
Shallow support is found around 8000 and a reversal here could result in a retest of the current high or a push to the low 9k's. Ideally we are looking at the 7500-7715 area for support and a potential trade setup. There is also an extreme support level between 6850 and 7050 where we likely see the bears come out of hibernation, calling for 4k again. Where is my buddy venture lately ;)?
Bottom line, in this initial rally we were conservative in our trades, and though two of them came within $1.50 of the buy trigger, they reversed short of our limit order and rallied.
Missing a good trade is not the same as taking a bad one. We also are not guess the direction of the market or guessing where we pullback to or when. What we are looking for is how the market plays out where we can now be more aggressive in implementing a strategy based on the structure and trade signals. This is not a one strategy fits all. Being able to adapt to the market is critical in both investing and trading, and why we have several different strategies in our tool box, no different then a mechanic has different tools in his.
Note
It was not my intent to direct the "manipulation point" at anyone. This is something I have written on many times before. So let me clarify for those that take issue with the comment.1) If you know the casino is rigged and yet you still walk in and play, do not cry about losing your money. Call 1-800 gambler you have a problem!
2) The whole reason for crypto currencies is for "decentralization", and yet as soon as some feel it is unfair, they want government intervention via regulations? hmmmmmmmm
3) We have mentioned, wait WARNED, many times that shorting into these levels is just asking to get crushed in a short squeeze where larger fish take the opportunity from guppies, to eat them up after chumming the waters. If you were shorting into an extreme low then I hope you learned your lesson. Education is NOT cheap.
4) I have been pounding the table about the risks of margin trading since September. If your whining about getting REKT, then go on Amazon.com and search for "Big Boy Pants" because you really need a pair. Your going to gamble in these markets leveraged to the hilt, you deserve to be on tilt!
Note
THE TRUTH HURTS AND IF YOU CAN'T HANDLE THE TRUTH GET OFF THE FIELD. I PROFITED FROM THE MOVE AND I AM FAR FROM A BIG ROLLER!
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