Forex and Crypto News

The whales seem to be playing games again

13:47 29 July /2019

The whales, who have demonstrated their commitment to the games on the cryptocurrency market many times, on Saturday arranged a bear trap for traders.

In some minutes, the price of Bitcoin fell by $400, and then sharply went up, most likely not by accident.

btcusd-29-July.jpg

It seems to be the small group of large players, which had a big sell-off and lured traders who prefer short trading strategies, into a classic bear trap, again. Then the whales quickly shut the trap, starting a massive Bitcoin buying up. Traders were forced to close their short positions, losing their perceived profits in favor of intelligent manipulators.

Today the price of Bitcoin remains a bearish trend, experiencing increased volatility and being below the psychological level of 10,000 dollars.

The short-term trend remains bearish, and most analysts still forecast the Bitcoin price below $9,000 before the long-term uptrend resumes.

According to analysts BelInvestor.com, today, Bitcoin can test the level of 10,000 dollars, and then continue to fall below 8,420 dollars. Now, the conservative sales zone is near the area of 10,060 dollars. A breakthrough of $10,350 will signal the beginning of Bitcoin growth.

The long-term forecast is still optimistic. A rollback of 30 percent is common for Bitcoin, even in a bull market.

Over the past two years, the cryptocurrency market has changed and become more differentiated. According to analysts, most of Bitcoins is concentrated in whale wallets, among which only the largest regulated exchanges Bittrex, Bitfinex, Bitstamp, Huobi, Coinbase, Binance and the company Barry Silbert Grayscale Investments have been identified.

Today, whales have the opportunity to put pressure on the markets and manipulate them.

It is noteworthy that the [email protected] trader predicted a bear trap based on historical analysis, and it was fully confirmed.

 

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