Since Dec seventeen, the bitcoin world has been on endless decline, falling from $19,900 to $5,980 at its yearly low. Whereas the bitcoin worth has seen 2 midterm recoveries and corrective rallies, each did not check 2 major support levels at $12,000 and $10,000.
Market Manipulation Theory
Recently, a bunch of cryptocurrency researchers and traders instructed that the bitcoin worth has began to fall from its incomparable high at around $20,000, on an equivalent day the bitcoin commodities market of CME and CBOE launched.
The cluster of traders claimed that through the commodities market, institutional investors and large-scale retail traders manipulated the market to live short contracts by getting and commercialism large amounts of bitcoin in an exceedingly related to manner.
“Bitcoin reached its all time high (ATH) On Dec seventeenth of 2017, the precise date that CME futures cameras began. Looking back, it's currently obvious that smart/institutional cash was stocking up before that date. Discernment is 20/20. Since 12/17/17, Bitcoin has been in an exceedingly market. The rest of this analysis can target patterns discovered throughout this market downswing, furthermore as signals for once it'd come back to Associate in Nursing finish,” the cluster aforementioned.
It supplementary that each time the cryptocurrency market toughened a correction, the magnitude of the drop declined, proposing that the large-scale investors had less amounts of bitcoin once driving major corrections. The cluster stressed that the cryptocurrency market toughened 3 major corrections since Dec 2017 and therefore the 2 resultant corrections recorded lower sell volumes.
“Not solely is commercialism volume lower, however the drops are less severe. Every part of every leg down is a smaller amount steeper than the previous leg down. RSI, a momentum indicator, additionally shows commercialism has been less extreme. The trend is ‘flattening out.’”
FOLLOW, UPVOTE & RESTEEM @saifulazhar