Bitcoin Forum

Bitcoin did not dump because of Elon musk, neither china banning bitcoin has anything to do alone in this bitcoin dump. The whales are playing with us in first pumping the market and then loading their bags on us and they can use media houses to assist in this game.

If you follow the Distribution: Wyckoff Events & Phases by Richard D. Wyckoff, you will know how the market was manipulated and this may be the end of the bull market.

https://i.imgur.com/an7pyMR.png

Bitcoin in the daily has followed the same chart.


Source: https://school.stockcharts.com/doku.php?id=market_analysis:the_wyckoff_method

I am surprised also here, which started to spread throughout Twitter. If this is true, this is extremely devastating. It is somehow manipulated.

I also watched a Youtube video about the recent dump that is coming. The video was uploaded on Youtube last April 25, 2021.
The guy explained also explained the Wyckoff Method and compare the chart of Bitcoin recently,

You can check the video here: https://www.youtube.com/watch?v=Lhf_2gJJS1I&t=3s

https://i.imgur.com/YsSX3jj.png

I haven't heard of this method before. It's really interesting to see it. Whales can also damage the market of course I know that too. But I don't give a chance for Elon Musk or China not affecting the market also. It also had an important impact on the market.

If this is already spread in the social media, then whales also know this. This means that now everyone is expecting more downwards movement and they can go against the majority and pump up the prices. Whatever they do, pump or dump, we are just puppets in front of those big players.  :o

Fractals are used to bias thought of the crowd. If the crowd believe in the fractal and here they go with massive short when Bitcoin rallies. There they go probably with Short liquidations.

Whales set up traps and if anyone think Bitcoin will have a V-sphaped rally like in March 2020, it is too naively. In March 2020, it is the last test before the bull run while now it is a correction in mid of this bull run. I said weeks ago (https://bitcointalk.org/index.php?topic=5305389.msg56629119#msg56629119) that correction might last a few months.

I hope newbies know the pump in 2019 from the East with President Xi in China. It is a classic example for Short liquidation in downtrend.

This correction to $30k is very reasonable from TA and with a simple chart, I can say it is reasonable. It is not necessary to base on any fractal such as the Wyckoff Method.

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Whales were missing the flight to $64k are bring the boat back for themselves and for us as well. Will hesitating investors miss the boat again?

As per the above Wyckoff Events & Phase chart, we are in the phase D at the moment and it this charts played as shown, the phase E for bitcoin will be near 22-25K  :o
Also what happens once this pattern is complete ? Do we move up again or remain in bear market for many months ?

This pattern confirms doom for bitcoin for the long term. The pattern is complete when the market completely collapses into the 4 digits and then below as the entire thing fully implodes on itself. The whales will have taken all the profit they can and the bitcoin market will simply die. There will be no recovery from this.

And you think their greed will end after this? They will repeat Bitcoin pumps over and over again to squeeze out people. They could own half the world and their greed would want more. Thats why we see all this madness in the world where billionairs seek always for more and finance wars and other shit.

Indeed, whales bought the dip, following glassnode charts etc For myself I don't really follow any TA, like that carl from the moon fool who constantly says UP, the day after short and this on rinse repeat... When we go up for 2 months, yeah then predicting gets easy, same for down movement... but in uncertain moments, yeah well you know, NO ONE CAN PREDICT the price of BTC, only the long term UP is the only chart we can hang on and follow imo.
Indeed,

There's always a reason to believe that the market is manipulated, it can be manipulated anytime by the whales, however, we cannot disregard the news as that will bring speculation. Bad news will bring negative speculation, therefore I believe that one of the reasons for the dump is the Tesla announcement and China banning bitcoin.

Yes in hindsight it looked like a great trade however it’s easy to see after the fact. How many people actually trade this method? I think it’s just a coincidence that it worked.  If you pull up different charts for stocks or other alts you will see tons of areas where it’s a similar pattern but it doesn’t work.

Why did it go down? Was way too overextended in my opinion. Look at how many people you know in real life that are investing in crypto and who have no financial experience. So many people spent their life savings and maxed out credit cards buying coins like Doge. We knew this would happen only didn’t expect it to happen at $64K, maybe higher at like $80-90K.

We can ignore it all we want but the tells are already there and I don't think that we are going to ignore those. I don't care if the whales manipulate the market, they will still get back in the market and buy back all those bitcoins that they sold. Yes the Elon and Chinese FUD do contribute to the prices going down but there are more subtle factors that are on play that the news doesn't cover because it's not sensational.

So are we in this pattern or not yet ?
As per many analysis, bitcoin will still recover and reach six figure within this year. So if we pump up quickly from here, this Wyckoff Method theory will be invalid for a highly volatile assets like bitcoin ?