these "resets" are happening in both directions because that's what happens in a range---there's no momentum in either direction to cause a breakout.
They indeed happen in both directions, but I recommend you to closely follow the correlation with platforms as BitMex and Bitfinex to see how all these resets aren't happening naturally, but are planned and leveraged. It all happens within the trend and there is no reason to cause a breakout. It's just a way to maximize profits while the market is going down anyway, that's it.
plenty of whales have been slaughtered mercilessly by this market, especially in the older days. having a bunch of coins doesn't mean whales knows shit about trading. for some reason, people just assume these people are profitable and remain whales. they aren't and don't. they're not much different than the 80% of traders that lose money.
I'm talking about current market and not the older days. There is no point in denying that without the mass affecting the market, it has become pretty predictable, and that's exactly what the "manipulators" I referred to are exploiting. If you lose in current market, you're not doing well as whale.
Right now we're in the process of working towards another lower high, which will end up peaking somewhere around $6800-$6900 (don't think it will exceed $7000). The same calculated resets will yet again occur and be leveraged to the maximum, keep an eye out.