I guess everything is back to normal and the price will go up again. It is $101 now. Hopefully it goes back to $130 and above
That is far beyond wishful thinking especially when there is one or multiple manipulators moving the market down. The fibonacci retracements after such dumps are only a ray of light which slowly diminish as the price continues its path lower.
The market is manipulated. But one just have to take that into account.
What seems to be happening, is that the whale is dumping a fair amount of coins, and then wait for a little panic to set in, and buy them back at even lower prices. The "surplus" coins are probably sold when the market bounce back a little. My guess is that this gives a surplus of at least 5% every time it's done. If the market was genuinely up, this pump and dump would not have worked, as the dumps would have been swallowed by the market.
It's really basic psychology. If prices are 120 and are pushed down to 100 for a short amount of time, enough buyers will see it as a fluke, and buy back in at up to say 115. Then next time it's 115 to 95 and back up again to 110 etc.
In a bull market it would have been the other way around.
Also note those large bid-walls that sometimes come up. They are either removed just before prices hit them. Sometimes they are eaten aswell, but that is most likely either two whales fighting for control, or someone who want to give the impression of a real rise/fall, and are willing to pay the commission both ways to make that impression. (BTW: a whale pays .25% trading fee instead of the .6% for small-fish like me.)
wanting to send some Euros waiting to buy BTC when this happned...
