I have been day trading Bitcoin for a few months now. Overall I'm pretty much making nothing and losing nothing. It seems to me that there is no logic at all to the market. No matter how much research you do, how much you look at the technical's and how much you try to hedge you absolutely can't predict the massive dumps that happen every day. They appear out of nowhere at random times and drop the market by $200 - $300 at a time.
This smacks of huge manipulation of the market. They are making it impossible to trade with bitcoin in any way other than a pure gamble. Anyone else noticing this?
Do day trading is more to a logic and does not require proper analysis because it is easy to read when we have earned profit margin then we have to make decisions quickly.
Market manipulation will always exist, the dumping and pumping process undertaken by a group of people is characteristic of all aspects of cryptocurrencies. This is the rationale that is also used by the government, the price manipulation that often happens can make the situation is not conducive and unstable. But again that this is a market characteristic and we can also use it well.