Is it Just MeOr Does This Look Like the Bears Are Panicking Dumping the Market Before Everyone Realizes the Implications of Bakkt?
The crypto stores come at a downtrend, and large sell orders have been being placed, nonetheless crypto had just one of their very bullish statements in every its own history (Bakkt). It nearly resembles the baits are, for want of a better word, “panic dumping. “
Meaningit looks like big players that are short Bitcoin or harbor ‘t fully built a position, but who also understand what are happening with Bakkt, are expediting their planned dump, potentially attempting to obtain to their destination quickly before people realize what just occurred (that destination being large OTC buys lower, closing short positions, etc.. . I don’t understand I’m not in their own minds, I am only able to observe the graphs and order novels ).
The comprehension I state it is because purchasing ramped-up now despite there are not any awful news and being good news which only dropped Friday and it is presently dispersing (through networking, however, maybe not through crypto stations where it will really be… which informs me that the bees harbor ‘t let out their whale calls yet).
Now with that said, there are legit reasons to be bearish despite all this, and we shouldn’t discount .
One can assert, together with charts, from all of coins, for alltime considered that the crypto marketplace is at a bear trend and the 2018 bear tendency might well go on.
However, an individual might argue that we ought to really be nearing healing appearing at the equal graphs and notably with all the news considered.
If there have been not any news I wouldbe 50/50 myselfand when I wasn’t just a fan of crypto I could not really be gambling about it (since it’s just a risky bet on the best of times).
However, there’s news and I am a fan of crypto. Therefore when I look at the graphs and watch ETH, BTC, and also other big alts flattening in USD while BTC pairs have been nearing all time , I visit it like a wonderful installation for a retrieval and not really a last ditch effort to live.
I could ‘t ignore that 2018 has been full of downtrends not seen after all 2014, and I do obtain why one might start panic selling upon our 4th time entering the $6k zone in 2018… but at the equal time, I would assume that panic selling would be better done OTC. After-all OTC volume is way up and there is more than enough liquidity to panic sell there.
I mean, if I had enough ETH to put 500 ETH on every USD pair on every exchange or 70 BTC on every exchange or whatever (never mind hidden orders), and I real life wanted to sell everything quickly, I would for sure be selling over the counter like a normal person. I would not flash my orders up on the exchanges quickly and then retreat. Instead, I’d only do that if I had other plans.
Thus, given the above, I don’t think these massive evaporating orders are actual anxiety selling. I do believe that they truly are “panic dumping. ” That isan expensive effort at pushing the marketplace down. Why pay an arm and leg to push the marketplace down on the go should maybe not for a comprehension?
Simply put, there’s something quite strange going on at this time. To state this last point: There really are lots of larger than normal sell orders popping and away from the sequence novels directly currently attempting to push at the amounts of down everything, yet crypto only had everything is arguably the very bullish news from all its foundation. Those 2 things don’t align for me unless the bear dump is just an expedited attempt to reach a goal before the next leg of hibernation.
The Bakkt news came suddenly and without warning on Friday, right in the middle of a downtrend where Bitcoin was forming a head and shoulders pattern (a bearish pattern that points to the downside).
From a short term technical perspective, it wouldn’t be so surprising for me personally to learn big players were banks on this blueprint playing and also helping push the entire blueprint combined. Since may possibly have functioned, which have been refining time in expectation of this SolidX ETF… but thing is, Bakkt creates the SolidX ETF both much more unnecessary and likely.
That suggests that the only real path you’ll be able to obtain retail to fear about Aug 16 (that the ETF date) is whether people does not comprehend that the consequences of Bakkt (and stays dedicated to the Winkevoss ETF… fit *eye-rolling *).
Said clearly, it kind of is as though a whole lot of snakes simply needed a huge wrench thrown into their aims and they’re panicking.
This usually means that really is only one of those very few times when in the place of retail panicking the players really are. That isn’t something to celebrate, because it is a bit like the King having a tantrum (dangerous for the plebs), but it does seem notable and oddly satisfying.
Assuming that whole theory is true, the question becomes: What exactly was the target in the before all else place. Was the plan was to test support at $6.8k, was it to test the bottom of the 2018 range around $5.75k — $6k again, is the plan to take us as close to zero as we can go?
Really hard to say what will happen next. All I know is that this pairing of bearish cost drop and bullish AF news makes very little sense without some sort of added explanation.