DISCLAIMER: I am not a financial advisor. All contents on this blog are solely my own personal views and for Cryptocurrency Trading education purposes only. Cryptocurrency Trading is very risky. Losses can exceed deposits. Enter with discretion.
Today is a bloody bleeding Wednesday! The moment I woke up and turned on my PC the first thing I opened was my MT4 demo account program and boom! Most of the markets are in red!
Image source via Binance.com
The Gold tumbled down heavily going back to the $1900 level, the major Cryptocurrencies: Bitcoin, Ethereum and XRP all red! Forex markets are down a little as well. Even the blue chips stocks are in red, you know the $SPX -0.80% $DJIA -0.38% $NASDAQ -1.69%!
Come on man what the f**k is going on! I’m a holder and day trader in Binance. My main guns are my XRP coins so today is very stressing day to me. My XRP is losing value yet again! I don’t understand even the news are very solid on the fundamental side and the technical charts are going well too. I guess I am a little confident after all no one can predict the markets even if it’s commodities or cryptocurrencies, etc.
And here you go, I’m suspecting again the reason behind this. Call me crazy man, but I blame those m**********g Crypto whales!
I really don’t know much about these whales but I’ve done my research so I will try to explain what I have observed about them.
1. THEY ARE MERCILESS!
When I say that word, yes! They are merciless and ruthless like John Wick! They don’t care about anyone on their way, as long as they can make short term profits they will! So watch out!
Why can I say this? I give exactly what happened last August 2, 2020 Sunday! I was trading my XRPUSD and the whales do their nasty moves!
I refer these moves made by whales into a giant tsunami wave! Please watch the video how destructive tsunamis are:
According to my research, a BITCOIN reversal occurred here. So all altcoins including XRP went down as well. BTC is the father of all cryptos so let’s pray that he’s in top shape always. :-)
Good thing XRP recovered here. I almost had a heart attack. :-(
2. What and who are Crypto Whales?
Sadly and honestly, I really don’t know. My strong speculations are they are big hedge-funds or investment firms or they can be EXTREMELY rich individuals who are looking for short-term trading opportunities. Their execution kills are very simple buy-low sell high strategy. First they bought a LARGE AMOUNT of crypto coins that will pump the markets making other traders look the price go up, let’s buy, let’s ride with the wave! Then they setup their sell limits knowing they can make lots of money. BOOM! Then they dump. A simple pump and dump method. Poor smucks and small time day traders are always the casualties of this crypto trading war.
3. How to spot them?
Sadly again, I really don’t know. No one can predict when and where these crypto whales do their attacks but gladly, I followed monitoring Twitter profile here:
(https://twitter.com/whale_alert)
Whale Alert literally tweets out some abnormal huge transfers. Yeah let’s thank them.
They might be inaccurate sometimes but at least we can detect whales from here.
CLOSING Thoughts:
Well, trading is fun and an opportunity to earn profits for all people. My advice is that don’t trade money you can’t afford to lose. Trading always has risks. Just a matter of proper risk management.
For small time traders like me, we are the fries, the small fishes. Some are dolphins. All of us are swimming in the giant ocean of crypto markets where whales can attack and wreck havoc anytime.
Just be cautious and do smart trading.
Hope you enjoy reading my blog! Have a great day! :-)
U are very very smart and correct..... I love it, keep it up 🙌🙌🙌🙌