While Bitcoin is toggling between BTCLongs and Shorts, ETH (at least on Bitfinex) is certainly in a "bearish" position. Let's not forget the lockstep that ETH/BTC/XRP have had in recent weeks. Not a lot of positive volume in the last few days. Suspecting things are going to go against what's expected here: Long ETHUSD for the next 3 days. Regarding price manipulation (and the continuing bearish trend): there is a conflict-of-interest here, which we must take note of. Where most people short with 100x margin (BitMex), they are pegging prices of their XBT and USD/other exchange rates to Bitfinex. In the BitMex derivatives exchange, retail traders and many bots are tracking that. Meanwhile, the Bitfinex guys pretty much control Tether and its issuance across the other crypto exchanges. With the upcoming Bitmain IPO (and because crytpo needs to look good for that IPO), prices have been artificial dropped and shorts expanded, potentially, and in concert with some of the large exchanges through special brokered deals between Bitmain and top exchange (potentially). If you look at the volumes, the question is at this point: who are all the sellers? ICOs have been out. With the reactionary nature of crypto, I imagine that the booms are coming after this scare... and those watching charts will probably be surprised as we have a chance of nearing $300 again by the ned of this week.
Then, again, maybe just trade with the crowd?
Let's see how this week pans out.
Then, again, maybe just trade with the crowd?
Let's see how this week pans out.