Bitcoin (BTC) Price Action Remains Puzzling

  • Tuesday, 12 November 2019 16:30 Bitcoin (BTC) Price Action Remains Puzzling ©
Bitcoin is on the verge of a major decline but it was here before and the downtrend was delayed. Now that we are close to the beginning of a major downtrend, we are seeing similar manipulation as before. The market makers and the whales have become too comfortable playing these games in the absence of regulation. If anybody complains, they will just chalk it up to volatility and indecisiveness. If this was happening in the stock market, it would be a whole different story. Anyway, the BTC/USD price action remains marred by confusion. We do not have a clear direction and traders are still unsure which way the price will swing next. However, as long as the price remains above the 200 MA on the 4H time frame, I think it is really a gamble to try to short this market considering the manipulation. It is very risky to be bearish on the cryptocurrency market at the moment until and unless we have confirmation. Bitcoin (BTC) has yet to close below the 200 day EMA and that is something I would want to wait for before deciding to be short term bearish. Now, doing that, I understand that I might end up missing out on part of the move to the downside or end up losing some of the value of my investment in case I’m holding any coins. However, it would be well worth the confirmation because without that things could turn quickly in any direction. It is important to wait for confirmation because market moves could be very misleading especially in this market. A gravestone doji that is normally followed by downside in most markets might not lead to a similar downtrend here because the stakes are too high and there is unprecedented market manipulation at play. The EUR/USD forex pair might soon decline to test the 61.8% fib retracement level but it can bounce back up strongly from there. As for Bitcoin (BTC) and other cryptocurrencies, we may continue to see delaying tactics to stall the inevitable but it is not likely to continue for long. Every time we enter a point where the market is expected to decline sharply, the big players come to the rescue, out of nowhere, and pump it back up. We can see now that Ethereum Dominance (ETH.D) keeps rising while Bitcoin Dominance (BTC.D) keeps falling. This does mean that BTC/USD could trade sideways for a while and ETH/USD and other altcoins might rally for now. However, the focus must remain on the big picture and that is an inevitable decline within the descending channel in the weeks ahead.

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