It doesn't take long when you are watching the crypto charts to tell from time to time there is something amiss. When the Bitcoin price nose dives several thousand dollars in a span of minutes or an hour it is intuitive that Bitcoin Market Manipulation is Real - Don't Worry You Can Handle It.
The Coinbase IDO (nope not an IPO)
Today has been like any other day from most perspectives. Coffee brewed was fantastic, the daily routine was off and running and politics is as crazy as ever. All in a days happenings right?
That's all until in the wee hours on the day of the Coinbase IDO listing. For weeks leading up to this point in the crypto space, people have been talking about it as the world series or superbowl of events in the cryptosphere.
The price of Bitcoin even followed along. For the last 48-72 hours the price has been moving in ways reminiscent of 2017. Sides action followed by near vertical ascent. That was the hype for sure.
If you are a follower of the chart, they do not lead you astray. You could follow exactly what was happening. Then it happened.
71 Million in short orders opened once the BTC price reached a near double top for an all time high at $64,900. It was quite the spectacle for sure, awesome and head spinning all the same.
Then it happened.
200 Million in BTC Began to Flow
About the time that 71 Million in shorts began to kick the market down quickly, there was the flow of topics and speculation that the amount flowing into the exchanges was from some of the addresses from BTC that hasn't seen the light of day since Mt. Gox of Bitfinex breaches.
Now I don't have anything specific to point to other than the chatter in the different trading groups that I am a part of. The constituents are a mix of super star traders & combinations of floppers and gropers. Yes that's a Crypto Face / Market Cipher analogy, but you get the point.
Often the content is on point with deep dives and content pointing directly to theory and opinion and other times it is shooting from the hip.
Today, I suspect was a mix of both and heavily driven by emotions stemming from swift and potentially devastating price movements.
That being said, by the time the dust settled and a bottom was reached some nearly $4000 dollars lower, one could see the hundreds of millions of value in BTC that flowed onto the exchanges to facilitate such a movement.
Manipulation is Real
Now when you see the whole topic of manipulation being brought up, how does it make you feel? I know for me, there's a confluence of disappointment, anger, & annoyance. Maybe not in that specific order either.
The point is the element of fairness is something that stems through all of those topics. Why does it happen? How are the thugs allowed to cheat? Why is it not addressed and resolved?
Those are all questions that come through my head but then I have to stop for a moment and remember that manipulation happens in every market.
All it takes is a cursory look at just about any market in existence and you will find some type of manipulation in action. Silver is actively shorted by just a few. Gold has been manipulated and when culprits are identified like the CEO for JP Morgan, there's not much to do about it.
So when it comes to Bitcoin, is it any big surprise that when the price rises sharply, those who seek to benefit from rapid decent and re-entry? Not really.
When you are able to wrap your head around that topic, the saltiness of the situation is much lower even if you did get rekt in the process. Although, then it might take a bit longer for equilibrium to set back in.
All That is Happening is Happening For You Not To You
Today as the price of BTC was in free fall for a couple hours it might have been easy to think that it was just a s&i* situation happening to you. If you could transmute that emotion you would find that the opportunities are abundance and in mass.
The improved reentry is at the top of the list for sure. Whether you ride things down and back up again added along the way, or you closed out a loss and entered again the upside is higher as swings always seem to kick in after a price dump.
The other value that I have found is the lessons learned in reading the indicators about what is happening. Every time that manipulation occurs in the market there are clues to learn from. Every time. You just have to cut through the emotion and witness them.
These are just two immediate results among many others that you can realize.
A losing trade never feels good at the onset but with the passage of sometimes just a bit of time, the non-monetary value can be astronomical that in turn will further drive the pocket book for the next go around.
Keep those two nuggets in mind will propel you further down your path and move the gaze across the chart. Keep at it and success is not far behind.
That's all for now. Be Blessed.