I trade Bitcoin at a professional trading house and these are my thoughts

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I trade Bitcoin at a professional trading house and these are my thoughts Anonymous Thu Mar 29 19:27:58 2018 No.8634114 [Reply] [Original]

Although the volume is decreasing by the looks of it on coinmarketcap.com if you look at the biggest exchange that does over 4 Billion a day in size (Bitmex) there has been an increasing amount of volume done over time. (much more volume than the December highs).

There was a lot of momentum going from 6k to 20k with all the average people wanting to get on the train and now are left selling off what is left. Conversely there was a lot of Momentum going on the downside of the market when it went from 20k to 5.9k last month. Ever since then there has been more volume (On exchanges, where all the professional traders trade bitcoin) but less momentum as Bitcoin is still deciding which way it wants to go (to $0 or to the moon).

Over the coming week it will slowly trickle down (consolidate for a few hours then spike down 200 points etc) until it hits $5900 USD where the support was set on February the 2nd (This most certainly will happen as we broke the supports set at $7300 recently.).We would most likely then see a consolidation period between $5900 and the double top at $11700.

If bitcoin were to break below the $5900 support we are looking at another bloodbath for cryptos. The price would then be in free fall and within 2 weeks I could see it drop to below 3k and then we are set for a wild ride.

Given the Volume that is now being traded on exchanges and people the regular folks that have been burnt are starting to leave, I think it is very possible that major investors/players in the market are using this as an opportunity to increase their position in Bitcoin (Especially if it breaks below 5.9k). There will most certainly be another massive bull run, and the regular people will get excited and buy-in on Bitcoin again, will run the price above 20k and we will see another massive sell off. The big investors being the biggest winners as we see the regular folks be burnt once again.

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