Crypto action in January has been a joke. It's like the Bitcoin future has successfully gotten a grip on Bitcoin, which is the primary determinant for the direction of the entire crypto space. If this has actually happened, the pricing of the entire crypto space can be managed with just one future on the leading crypto - Bitcoin.
I sense something is really wrong here, we now have a completely new market dynamic going on. All the big exchanges had to shut down uptake of new customers for quite a while. Most of them has fairly recently opened up for new customers again, but their accounts departments are glowing white hot. BitFinex even had to shut down their uptake once more to handle the pressure. This should logically provide a major boost to the demand side and put the supply side under hard pressure, which again should causally drive up prices hard, but why are prices not rising then, especially when supply is capped on most of the top cryptos? As far as I can see, there is only one possible determinant on why things are instead sliding down and staying suppressed as more buyers do NOT drop prices in a natural, organic market driven by an otherwise undisturbed supply/demand dynamic - the Bitcoin future!
As it looks now, it feels eerily like I'm back in my spot FOREX days, where technical analysis became near 100% unreliable and you instead had to go the CME website to check which side was dominant in the current round of futures. Then you simply went in with the dominant direction, hoping to not get struck out when the big players started shaking the market with volatility to hit the S/L's of smaller players or margin call them out to get extra liquidity slushed into the market for plucking. THAT, my friends, is a really shitty game!