In order to analyze the situation let's take a look into the climb first:
-comes out the news that on December will start trading CBOE and CME futures, this feeds an unprecedented media coverage on bitcoins and cryptovalute, so a mass of average joe without any experience and knowledge of the industry begins and keep buying at the worst possible moment by creating a price squeeze towards the 20k peak, this is the fable part, we are all rich.
-The nightmare (of who fomo bought at the top), insiders, speculators, etc., have accumulated enormous amounts of BTC well before December, and are prepared to manipulate the market, shorting with the btc accumulated previously and exploiting the inexperience of the mass of average joe investors that feeling the emptiness underfoot sell at a loss, but ready as always to buy at the right levels there are them, the speculators!
We have a strong support at 8k level if the 9k doesn't held, so i'm expecting a bounce at least ther if not at the current level
Topic: my short analysis of what is happening (Read 133 times)
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