BTC - Wicks * do you remember that old fashion "coin table" game commonly found at carnivals, restaurant , festivals? Yup, that thing you drop quarters into as it slowly pushes teetering coins to obvious profit unseen profit.
This is it fun gag at carnivals, where 5 min of wonder of how the coins don't obey the laws of known physics is it's nominal attraction
I'm going out on a limb here - posting this before it happens- better said *if * it were to happen.. The structure in the chart is weak - and I only expect the big point C.) move upward (seen in this chart) because it's the weekend and contemporary markets are absent from showing contrast e.g. SPX moving downward is an obvious factor for nascent though cutting edge crypto price action , I could easily see price moving $500 -$1000 in less than three minutes in either direction to shake out any profits from any position at any time (this is represented by the yellow arrows (wicks=fake 30 second markup/markdown)
* BTC isn't the easiest thing in the world to trade long or short, as in any unregulated market I need to get market maker could push the price up to liquidate shorts and shake out longs consistently with wicks.
Sometimes I wonder why I am interested in trading BTC, I consider possibly it's the price action I know best because I've watched it intensely for thousands of hours, and then I think to myself maybe it's the promise it holds that I do believe in... I like its volatility, catch 22, and always expecting volatility it's possible one can see things in the chart they are not there (just referencing past action that only happens sometimes)
* recently I lost thousands of dollars in a BTC trade where I was literally precisely correct about price action, however a fake 30 second un-revisted Wick per the "BTCbolome" narrowly robbed me of 10x P&L, and gifted a 3x drawdown from "fake" wick Price action aka- market maker/exchange shakeout
I'm putting this forward obviously not to complain, (I know what I'm getting into with each trade) just to share a honest and common experience by many, and that's (1.) one reason why BTC has decreased in trading volume for over six months- players leave a game when they can't win when they're right and lose when they're wrong.
