About 12 hours ago the BTC chart took a -12% hit from $4800 down to $4200 and rebounded. We’ve seen this in the gold charts, but this is the first time I’ve seen it in the BTC chart:
Then I see this headline:
Bitcoin Briefly Flash-Crashes On Russia ‘Ban’ Headline
Someone ‘dumped’ a lot of BTC below market at $4200… likely in hopes of setting off a cascade lower. But BTC is not like other financial ‘products’. The crowd did not respond, worldwide, and likely took advantage of the bargain if they were fast. The price level didn’t last more than a few minutes.
But the manipulation games have begun.
Why now? Bitcoin is above $4800 and climbing again. If it goes above $5000 then we have busted our elliott wave top and are going much higher again. I smell a desperate attempt at control here to try to keep it below $5000. It won’t work. “The People” own this market.