Bitcoin (BTC) does not just go up and down, breaks supports and resistances based on sudden whims. Most traders are so focused on the 15 min chart that they miss the big picture. They fail to realize that major trading on exchanges is done by algorithmic bots. These bots are programmed to print a certain set of patterns. Have a good look at the above daily chart for BTC/USD. This is a pattern currently printed by the bots for us. To the amateur trader focused solely on smaller time frames, this is a disaster! The price just broke an important trend line that it held since September. This is a clear sign of weakness as Bitcoin (BTC) does not have enough momentum to hold support. However, I propose to you that this is not a sign of weakness, but a sign of manipulation.
A bold statement, I know but I’m going to prove to you that there is a method to the madness. See, Bitcoin (BTC) is not something you trade. It is a game of accumulation. If you want to trade something, go trade currency pairs like EUR/USD or GBP/JPY. I used to do that and made a ton of money. If I were to start trading again, I would not trade an illiquid and volatile market like that of Bitcoin (BTC). Of course, I left the stock market out on purpose. In case of both Bitcoin (BTC) and the stock market, the game is heavily rigged against you, for trading that is. However, in every market, what comes first is the intent. You have to know for sure what exactly your game is. Moreover, you also have to know where you are in the food chain.
Not everyone plays by the same rules.