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Crypto markets drop sharply then stabilize, whats next?
Latest Bitcoin Price Analysis – I’m fortunate to be creating content with one of the top traders in the Crypto space, Venzen Khaosan. Today’s episode will be very interesting. Watch the video and subscribe for more content with leading Bitcoin and Blockchain people and projects.
Bitcoin lost $1,000 dollars in two hours Friday and I will be discussing Venzen’s thoughts around this and his feelings that we are in a bear market.
150 million dollars in long positions were liquidated on Bitmex, ouch!
Bitcoin Price Analysis
Traders use technical analysis and in my ongoing content with Venzen, I ask him the questions that someone new to trading needs to ask about technical analysis. Something that I get asked a lot that I will cover with him, is how much money does a whale need to crash the market?. This is also something that came into focus after a Florida court ruled that Craig Wright must hand over a significant amount of his holdings to his deceased friend and businesses partners estate. This could be up to 500 000 BTC or 450 million USD at the BTC price at the time of writing. This is a similar figure to what it would take to crash the market. Bitcoin usually has buy support within a 10% range of around 400 million USD. In reality, a whale dumping on exchanges would likely need much less than 400 million. Buy orders would disappear quickly if big downward movements came in. It is likely that half this amount, 200 million, dumping on the market would cause a crash of 10% or more.
In my last article, I looked at the Bitcoin mining difficultly ribbon as an indicator of when to buy BTC. In that article, I said it was Vinney Lingham of Civic who first came up this with Bitcoin price analysis. It is interesting to note that a project like Civic could be moved 10% downward by as little as $250 000. This illustrates how easily these Crypto coins can be moved. You have to question the use of TA in less liquid coins and as such, this is why we focus on BTC when discussing TA.
This is the most rewarding but also the most volatile market in human history and I won’t be trading it until I have a better understanding of technical analysis. My understanding of who really calls the shots is getting better though!
Bitcoin BSV was in the green as the market dumped
I spend my time speaking with key industry figures to better understand what is happening within blockchain projects. My focus has always been on Bitcoin and with that in mind I have spent a significant amount of time learning about the Bitcoin BSV fork. Over the coming weeks, I will be hosting some key people form this project on the show, so be sure to subscribe. I will post an interview I did with Craig Wright in the next couple of days. It is the elephant in the room for me that Bitcoin BSV saw a 2.5% gain while Bitcoin dropped over 7% and many alts lost 10%+ There has been a distinct lack of commentary on this. Why? I will certainly be exploring this. We also speak with Daniel Krawisz this Thursday on our YouTube channel Krawisz is a notable convert to Bitcoin BSV so I’m very interested to hear his thoughts on why he supports BSV not BTC now. Daniel Krawisz termed the phrase ‘Bitcoin Maximalist‘ and is a well-known figure in the Bitcoin space.
Technical analysis is one way to make investment decisions. Understanding the value of a particular blockchain and investing longer-term is my focus. For me right now my energy goes into whats happening on Bitcoin BTC and BSV. There are a couple of other projects that have sparked my interest, one in particular that I have followed closely this year and I will reveal this next week. I think it is the blockchain no one knows but should. It really is the project outside of Bitcoin that I see as having a big future so stay tuned for that.
Crypto Emotions – Bad for everyone especially for trading
Venzen is teaching me a lot about trading, and a message that comes across loud and clear is not to get emotional when trading. I have made this mistake many times. Outside of trading, it is a real concern to me to see the standard of so-called journalism in this space. I expect some leeway from you as I don’t get paid. You get my content for free. Others in this space, who do make a very good income and have huge followings have shown themselves to be completely out of control with their emotions. This is acceptable in my opinion if you are an entertainment channel but if you are trying to grow our Crypto community, then calling people morons and f idiots serves to do the opposite. This issue has always been with us in Crypto. The difference now is that it is not leaders of projects getting emotional, which is understandable, but Crypto YouTubers who are tearing each other to shreds on their shows. I’m not going into details here but this trend worries me and doesn’t make me feel proud to be part of this industry. It is embarrassing. A recent show saw Daniel Krawisz drowned out by warring factions from BTC and BSV YouTube camps. I interviewed Daniel a couple of months ago, he impressed me. He is respected by many within Bitcoin even after moving to support the BSV project. He will join us on Wednesday so stay tuned for that!
Craig Wright to Appeal Court Ruling!
It does not come as a surprise, Craig Wright will appeal the court ruling! This is breaking news and we have covered it in detail in this article.