There's been a recent pattern of odd Bitcoin, and crypto, price fluctuations. Namely, the price drops or rises in vertical and horizontal levels, like steps of mesas, rather than like the gradual rises and declines of a mountain range. This seems very curious to me, and suspicious.
Reddit user u/tripleclutch, on /r/Bitcoin, likened this trend to Bart Simpson's head. A vertical rise or fall resulted each time in a flat top, until the countering fall or rise. This seems very curious to me, and suspicious.
The question is, "Why would a rather stable price suddenly fall, then reach a very stable price point for a while?" A fall is fine. A sudden fall is fine. But, a sudden fall down to a single level, then stabilizing, seems odd. TA folks will say there is a lot of support at that level. Understood. But, something smells fishy.
After dawdling at that "support" level, several times the price has suddenly bounced upward, creating the other side of Bart's head in the process. Then, unnaturally, it reaches a high and stabilizes again. Suspicious.
Stocks almost never behave in this manner. Nor do earnings or sales or any other metric. It certainly seems like gamesmanship and manipulation in some way.
My guess…still being relatively small as compared to say the S&P, big players' bids, asks, buys, and sells clunk the market up and down. I look forward to the day when the crypto market is large enough to buffer from these types of movements. As these slowly dwindle away, it will be another good sign of growing crypto evolution.
Originally published on http://satoshitimes.wikidot.com
January 13, 2019
LINK: http://satoshitimes.wikidot.com/blog:29
Although dated, this is being posted here on the Hive blockchain so that it's archived.