“Market Manipulation and Fear = Current Price” by trader biffbifford — published November 14, 2018 — TradingView

I have realized that cryptos are a different animal than stock trading which makes TA very difficult. The reason TA can be helpful is most people use simple support and resistance points. Many use similar indicators while Bots use similar analysis to auto-trade. What we have been seeing in crypto is MARKET MANIPULATION by the big money, aka             the whales. I sold my position when I made 20 percent on my last trade on ETH. I did feel that after ETH breached the 50 MA we might see a trend reversal. What we saw was a lack of interest by longs to pursue higher prices. The reality is simple, interest in ETH and other cryptos is FADING. The blood in the street has left many without hope of breaking even, or for that matter ever seeing new ATHs. I would be careful trading cryptos until a catalyst can be determined that would demonstrate that cryptos have gained greater acceptance and new users worldwide.

If you look at my first post my position on ETH has been bearish . I cannot say that I am even comfortable buying at these levels because this may just be one day in many where the bears will seek to drive ETH much lower. Have a look at the short interest. The volume today was pure panic selling. I have no position in ETH and based on what I saw today have no current interest in establishing a position. There is no one who can predict the future price trend based on the crazy volatility we have been seeing. It seems to happen every 25 to 30 days. The bears are winning because there are no big buyers interested in taking a chance on ETH or many cryptos right now.

A fool and his money are soon parted. I will always state my opinion honestly. These kinds of posts are never valued and hardly viewed. But if you took my trading advice you made money, and if you’re still holding at under $200 you may still be in a good situation. I, myself am out of cryptos until there is a catalyst that gives cryptos more credibility. This last year brings back memories of the DOT COM era. There is a bad taste of manipulation going on here.

Good luck and stay tuned. I will announce my next trade when it happens.

Biff

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