Bitcoin has yet again shown us how easy it is to manipulate a market if you have deep pockets, or if you have the right friends at the right place.
A combination of heavily oversold market and some rumors about some weird moon project announced by coinbase was abused by some very wealthy people (if not the same people involved with the " moon " project). The price was pumped at the perfect time, just as it bounced off the upper line of the bearish wedge. This blowout, can technically still be seen as a throwover of that same bearish wedge, in which case we will see new lows in the coming weeks.
The fact that coinbase spent such huge amounts of money in marketing for their new bitcoin trading exchange, is just another sign that they might be involved in the bigger picture. I do however aknoledge that, long term, this news is extremely bullish for bitcoin as it presents a door for wallstreet money. If this happens, the volatility we will see in the next months is going to be sick making.
But lets not jump ahead of things. For now (short term), the price seems to have reached its top and is about to correct. The next days/ week will be very important as they will probably prove that we are still in bear market.
A combination of heavily oversold market and some rumors about some weird moon project announced by coinbase was abused by some very wealthy people (if not the same people involved with the " moon " project). The price was pumped at the perfect time, just as it bounced off the upper line of the bearish wedge. This blowout, can technically still be seen as a throwover of that same bearish wedge, in which case we will see new lows in the coming weeks.
The fact that coinbase spent such huge amounts of money in marketing for their new bitcoin trading exchange, is just another sign that they might be involved in the bigger picture. I do however aknoledge that, long term, this news is extremely bullish for bitcoin as it presents a door for wallstreet money. If this happens, the volatility we will see in the next months is going to be sick making.
But lets not jump ahead of things. For now (short term), the price seems to have reached its top and is about to correct. The next days/ week will be very important as they will probably prove that we are still in bear market.