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Is the dip over? Why we buy the dip and it keeps dipping and at this rate too? I read some questioning, claiming this was the beginning of a bear market.
I would not say a bear market has started.
What happens now is shake-off and accumulation from whales. This huge dip was not reasonable but it has to do with nothing else but algos, and someone wanting to sell a lot on an illiquid market.
Initiating a bear market takes one factor that we don't have yet. A strong sentiment of market tiredness. And a point that will need millions more to begin investing after the previous investors have made a lot of money.
And not discussing Dogecoin millionaires, this was a reason to crash the market in May. I talk about the real coins that have not performed, but have a real community that backs them and uses them.
This is the only point I can make from this. Someone or some holders of BTC, whales, or speculators, wanted the market to crash. Their sales triggered algorithms that kept selling as they were tied to each other.
These copy traders followed no other plan but proceed with sales under certain circumstances. Bots of course, no real people, since it all took minutes for the sell off to finish. It stopped and I hope these guys won't be back because as I previously explained when BTC drops, the exchanges are transfering out other cryptos to cover for the whales that want to sell.
Flawed. The exchanges should stop intervening and abusing our BCH to support BTC.
This is not an actual market but an exchange that was supposed to keep our BCH and not gamble with it.
Back to the story, these copy traders are just following some traders that are successful and making them look even better. A whole network of programmed bots to react on one seller's trade. And then, this happened.
But as I see it this is all very soon and we should be getting ready for better prices. And this time Bitcoin Cash should be a frontrunner and take back deserved positions it lost from cryptocurrencies that didn't deserve them.
Since my first trades I ever made, I learned about stop-loss and take profits. I didn't trade Forex ever, and maybe I will never will, but this is a very common trading practice at Foreign Exchange Trading.
Set a stop-loss! This is what they tell you from the first minutes you begin trading.
Ha! Like, we don't know the manipulation that takes place in crypto exchanges and how Bitmex was grabing billions of USD each year from crypto degenerates. Maybe this works at Forex, a regulated environment, where no bank can ever manipulate!
Or can they?
Barclays, RBS, HSBC, Credit Suisse and UBS fined for taking part in forex trading cartel (link)
Are you surprised? You shouldn't be. This is common news we are getting each year. It is just not reaching the mainstream. And if banks can do that in forex I can't imagine what they can do with crypto, or what crypto exchanges are doing.
Bitfinex is the same, Binance later after adding leverage trades, and many more exchanges.
Using a stop loss is like announcing to the exchange and the big players your strategy. Doing that, makes you vulnerable. And when millions of traders are announcing their strategy then it gets so easy to manipulat them, trigger stop losses or liquidate them.
Get them out of the game for a while, they have had so many profits, but they have to pay the big money now.
It is not the end of anything. It was another crash, but it will probably recover if there are any investors left. But the crypto investors are losing focus, when looking for more ETFs but not looking at real adoption that would be a great reason to invest more.
I care about crypto without caring too much.
Losses increase since it was what? A week ago Bitcoin Cash was at $700 and looking great. But we can also treat this as an opportunity within everything that is happening.
Crypto is not going to die. And a bear market can also be completely avoided. I don't see signs of a crypto exodus, nobody is having this impression at this time.
And there are some good signs that help us invest without thinking too much.
A few cryptocurrencies able to become money, one of them is Bitcoin Cash. Other that have good chances are Ripple, ZCash, Monero, I don't know what else, maybe Nano used to have good chances but is heavily concentrated at few hands. Maybe some privacy crypto that is used only in the darknet and I've never heard before.
But this is all. These are the cryptocurrencies that can compete with the banks today.
But the market abuses it all. The algos within exchanges, connected with trading desks are used to help the Bitcoin whales. These guys sell, there has to be a bottom and this bottom will appear by exchanges selling BCH, and other cryptos.
I don't know if this obvious manipulation may become a burden soon. I hope it won't and I hope Bitcoin Cash will finally start flying untethered from BTC whales manipulation. One drawback the BCH community and investors have to work.
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