We discussed some market manipulations by big players in my last analysis. However, I do not think the market is manipulated directly by whales but by sharks.
Crypto whales seem to be high networth individuals and highly regulated funds. I believe they are only interested in accumulating bitcoin when the price seems to be undervalued and sell a part of their holdings off when the market is overvalued. Short selling in 15 minutes time frames and painting the tape in a bitcoin exchange’s order book do not strike me as their interests as they are too big for such gameplay. Such acts are ideal for bitcoin sharks such as hedge funds who are always hungry.
However, whales are more likely to create news and manipulate the market sentiment which is a more advanced version of market manipulation and only can be exercised by very resourceful individuals and groups. Bitcoins sharks are not that capable but whales are, and sharks then follow that direction with their greedy hands.
For example, Elon Musk is just one person but his influence on the market could be enormous. He’s got 54 Million followers on twitter alone. Set his corporate news aside, even some of his tweets hit the mainstream news outlets, and that’s how influential he is.
If you follow the news you would have seen the direction of crypto news changed during this week and especially after the B World Conference.
Do you think those are just random news that make the market?
If so, “You’ve been living in a dream world Neo'' and it's time to wake up and read the Wyckoff Method to see through the market. It may sound like a conspiracy theory, but if you look, you will see it in the price action of bitcoin itself.
Thus, bitcoin whales seem to be making news and getting ready to get into the market again, hopefully next week or the week after.
The S&P 500 index is also in an uptrend but taking a local dip it seems. Probably, that money will find its way in the crypto market in the coming 2 weeks as well.
If you peek into the volume bars again in the above 4 hour time frame, you will notice the fact that some of the whales are yet to enter the market and the price cannot be driven upwords without their funds.
We may compare the volume levels within the blue circles shown with the red circle. The price is clearly in an uptrend but not the BTC trading volume. The 90 days volume SMA clearly demonstrates the difference and the BTC price momentum would not continue if volume didn’t enter the market soon.
Finally, as always I am bullish and I believe the time is right for the whales to enter the market and they soon will, they have to.
The bitcoin will then hit another all time high before the end of this year, as per all my analysis discussed in other articles, before entering a true bear market.
The shown volume based analysis may seem simple but very powerful as bitcoin sharks cannot easily manipulate that data. And therefore, it generally gives us dependable indications and never betrayed so far in our analysis.
Just my point of views and Analysis only but not financial advice at all.
More insight to the Crypto Market?