Hey,
What is your opinion on the bitcoin price crash? I am trading with the Bill Williams trading system and all looks good on the weekly time frame, and on monthly its like nothing happened! what do you think guys and what indicators do you use?
cheers
That crash is a completely correction , some investors and holders had just taken their profit so the price will surely move.
But the next one in which happening now is a generated dump lead by Elon Lusk and His troop to prove the crypto noon about their power over the market in which not true.
It's just happen that there are many fool holder that follows whatever this man says and end up shaking the market badly.
I doubt that what we are seeing has anything to do with investors taking profits, this has to do with retail investors investing too much on the market and panicking, then this created a reaction among traders that sold their coins reducing the price even further.
Then we got people going long with a very high leverage getting their trades closed introducing more coins to the market while reducing the demand creating a crash in the process, to me that is the most likely scenario I can picture as it does not make a lot of sense for long term investors to take profits now when what they are most likely doing is buying bitcoin at a discount at the moment.