I was honestly looking for a reason why the stock market and crypto market crashed. But this thread is not it. I figured that every January the stock market dips. But then again... who knows?
Mainstream news said it was rising inflation data, causing rising probability of interest rate rises. I don't know or care, but at least I know more than the mainstream news people - all they know about markets is what the last person they spoke to told 'em. I try to avoid trading when the markets are on the tea-time news.
It's like that in the stock market world too? In crypto, the news is often not really the news. The truth is always on reddit or twitter. It's sad to know that the stock market mainstream news isn't reliable either :/. I mean with the stock market being more regulated with bans on insider trading and pumps and dumps, you'd think the news would be the news.
The truth is on reddit or twitter? It may be for all I know, as I haven't looked there..... For me the truth is in the charts.
for crypto, the truth is in the weirdest places, yes. reddit, twitter, biz. that's where things happen in real time. the news only covers the coverups
I was honestly looking for a reason why the stock market and crypto market crashed. When the buyers dry up the price eventually drops. Both in bitcoin and the stock market there was a big spike in FOMO (fear of missing out) over the last few months - this is the last of any buyers piling in. People start realizing they are the suckers left holding the bag & the mob runs for the exit. A real good book, a fascinating read on this topic "Devil Take the Hindnmost"
That's only one side to the story. There's also the fact that CME and CBOE bitcoin futures were going to start trading for the very first time... and there were rumors that the banks pumped btc's price so they could crash it and short it for more profit. I'm not saying that's what happened, but BTC did pump all the way until the day CBOE futures started trading, then it dipped. Then the same thing happened when CME was about to start trading.
Of course it is not. It is a copy of MY thread where I explained both, called Pekelo explains the sell off. In short, both markets got way overheated and went vertical. When that happens the drop off is just as dramatic. Happens quite often with stocks. I even predicted the Bitcoin sell off about 3 days before it happened in the Bitcoin price action thread. The trigger if there is any is really not relevant, when the circumstances are ripe, the inevitable will happen no matter what. Look at AMZN's weekly or monthly chart. That is the definition of going vertical. That thing went up 300 dollars in 5 weeks but already dropped back 200 in 2 days. That is the short explanation.
Posted on Dec 18th, price was around 19K: Price dropped down to 12K form where it bounced up to 17K. I have several others in the same thread. My number is: 1-800-THE-AUGUR