Whats more likely to act as a catalyst for a market an RSI reading or a real-world exogenous or endogenous event?
The 5% wait patiently for a market to set up. As cryptocurrencies trade through time, prices are driven above and below zones where entry can not only provide a quantified amount of risk but also market feedback if the position is unprofitable.
In contrast the 95%, the inconsistent majority, buy highs and sell lows. Yes, sometimes this can work, and yes, it is a strategy at one specific point during the price cycle, that allows good risk management and market feedback, but most of the time buying the high and selling the low is highest risk lowest reward strategy a speculator can deploy.
Bitcoin is climbing a wall of worry without mass public participation. While news of Bitcoins rise might be making headlines in Australia, in other countries, like the UK, cryptocurrency rarely makes the news. In May 2019 the general public is still not invested in crypto. (As a test, ask around next time youre out socialising)
What is behind this weeks 32.4% move up in Bitcoin? An indicator reading or are there background forces a work?
Bitcoin is a global currency that you may never be able to see exactly the factor that is contributing to its surge, people use cryptocurrency in different parts of the world and theres no way you as an individual can get the gist of what is affecting the price of bitcoin from other countries other than what you see on news.
When it comes to news, is it not those that decide to put it on news? So we have so many activities happening within bitcoin from different part of the world that may not be known to us, so if bitcoin is increasing without a tangible lead on news doesnt mean that it is being manipulated.