Thanks but I don't think this is normal volatility. Overleveraged long positions got liquidated in a day, $10billion, creating a cascade effect. This is whales hunting for the idiot in a coordinated way like Orcas :)
Could be start of bigger drop but strictly that move was normal, 6% from open to close is meaningless and 15% peak to trough doesn't change anything. More concerned if price hangs out below the upward sloping line of support that's held price since February, combined with overall weakness I've talked about for a while. But if you believe the reports, one miner in China crashed the market 15% so if those reports are true, I imagine it won't take much to send us spiraling down or catapulting up.
Yes I heard about the China blackout and the theory that people reacted to slowing hashrates. Overall, it may have had an impact but those miners were not selling so I don't buy the whole story. I agree with the general weakness but this was a quite abnormal move. We shall see I guess. The longer it stays below the heated highs, the better for the market I think.
Agree. The move was sudden but only time will tell if it's the beginning of a larger fall. We're due for one, though, and the long-term health of the market could certainly benefit from a proper shakeout. I've been waiting for the other shoe to fall for a while.
Thanks but I don't think this is normal volatility. Overleveraged long positions got liquidated in a day, $10billion, creating a cascade effect. This is whales hunting for the idiot in a coordinated way like Orcas :)
Could be start of bigger drop but strictly that move was normal, 6% from open to close is meaningless and 15% peak to trough doesn't change anything. More concerned if price hangs out below the upward sloping line of support that's held price since February, combined with overall weakness I've talked about for a while. But if you believe the reports, one miner in China crashed the market 15% so if those reports are true, I imagine it won't take much to send us spiraling down or catapulting up.
Yes I heard about the China blackout and the theory that people reacted to slowing hashrates. Overall, it may have had an impact but those miners were not selling so I don't buy the whole story. I agree with the general weakness but this was a quite abnormal move. We shall see I guess. The longer it stays below the heated highs, the better for the market I think.
Agree. The move was sudden but only time will tell if it's the beginning of a larger fall. We're due for one, though, and the long-term health of the market could certainly benefit from a proper shakeout. I've been waiting for the other shoe to fall for a while.
As usual, Mark, immense thanks for all the valuable info, videos, and most important, analysis.
Thanks Tony!