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RE: Is Bitcoin going to recover from this crash? Technical analysis with ledger levels, Fibo and Elliot Wave
Frankly I think this wave thing is useless, it all depends on what the big owners decide, right now I think they dumped a lot to lower the price and then buy all they can at the lowest possible price, after this is done the price will go up, it isn't a wave it is normal human greed.
Precisely, Elliot Waves study the psicology of the market, that is why it is so good at predicting movements. I don't see the logic of the big owners dumping to buy cheap, they are already big owners! On the other hand I do believe that the tactic that you propose might be in progress right now executed by the big banks like JP Morgan, thus the intervention yesterday. They had lost the train so they need to take it down so they can catch it lower again and then pump it. The problem with bitcoin is that the volume is so low compared with other assets that if big banks get involved they can easily manipulate the price. Todays volume in Bitcoin is 3billion when in gold the volume can reach 900billions, and they manipulate the price also...