Going through HUGE buy wall (7800USD), then bouncing back AFTER the wall is gone

[tales_of_the_crypto]

Honestly I feel like I'm just getting my ass handed to me every time I try to make a trade. I usually just hodl, but something I get the idea of making a profitable trade, maybe. So I read from several technical analysis that there's a huge support at 7800 USD. I take a look at Bitfinex and, indeed, there is 1600 BTC buy wall.

1600 BTC... thats like 12 million USD worth. Not peanuts. So I tell my brain - apply yourself! The result - I set a sell order below 7800 USD, to skip the drop that follows if this buy wall is broken, and then pick up some nice cheap BTC later at lower levels. Suddenly this huge buy wall starts diminishing, in like 30 secs it's all gone and my order is triggered. Oh boy, I tell myself, here we go. What's the next stop - 7000? 5000?

Guess what, it goes to like 1770 BTC and bounces right up to 8000USD? Seriously, how does that make any sense at all? People buying below huge support? Why. Can anyone enlighten me. Or is it just darkweb manipulation groups doing their thang?

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[LuanX3]

The buy wall disappeared because those people that had huge amounts of money just realized that this is all going down south fast! I do think that it would rebound, though initially I though we'll never ever see this price level ever again. But here we are again. Though I think it will stop just little above $7,000 since this was the jump off point before BTC flew to the moon last december. So we'll just continue the ride from there.

Though the thing is I do think this was a result of those big banks, corporations and hedge funds the pumped the price last year and now they just started dumping and the market couldn't support the huge dump,

[Andrey123]

I'm sure bitkoinu all the same who and what warrants issued, and at what prices)
It grows and falls completely for other reasons.
And Nakamota's team is not ready to lower the price of the coin to 0 dollars.
Bitcoin only 1 month as it began to fall and already panic for everyone!

[JesusCryptos]

Sometimes such big walls in the cryptomarkets are so called "fake walls", which means they are put in the order books in order to influence the market giving the sign for example that there is buying support, but then, as soon as someone starts to buy into these walls, they magically disappear as the big order gets cancelled. They are "fake walls" because they are ready to disappear as soon as someone really is going to bite on them. Often, people who are putting a fake wall are at the same time doing the opposite. Example: they put a big buy wall to keep prices from falling down for a while, and then they use this little time that they carve out of the market to actually sell their bags.