BTC TA on the rugged rocky cliffs of the Cape coast in South Africa
Hey there U Community welcome to another edition of Bitcoin Babaji where we talk TA on the BTC. Coming to you this time from the rugged clifftops of the African south Cape coast.
In today’s vlog we check out an exquisite, rarely seen section of the shoreline, while noticing the weekend volatility today causing a bitcoin price pump up to above $4000 again. This is always a boost for the spirits for some subtle reason as the number goes from 3 to a 4 on the price chart.
We also look at gold, up to a big even too, of $1300 on the back of a weaker dollar. We discuss sentiment as a driver of the market and how it is actually less than we expect, particularly due to the fact that so much of the trading today is algos and bots. There is little sentiment involved in them as they follow settings all day and night. In bitcoin especially on weekends nowadays, when volume of human traders is down, small whales and algos can manipulate the price more easily than usual.
We go into the fact that sentiment was even lacking after 9/11, when admittedly the stock market crashed 14% straight after, but within months it was back up again. AI has been with us for some time already. So much of this global financial system is run by a few whales and many bots. The rest of us swim along like sharks, seals, and dare I say, plankton, while the rest of the Marines roll on in the shadow of the fisher king.
What’s worse is the massive, reckless, aggressive global Central Bank intervention. QE is a solution for a problem that was deliberately engineered to facilitate the creators of the system. The plankton are whale fodder, unaware of the fact that they are being exploited unnecessarily. Let's see if the movement to shut down the Fed gains any traction.
Besides that we speak about bitcoin shorts being up in volume at the moment, signifying a nervous sentiment in the market, as traders expect another downturn. This is often when bitcoin does the opposite, so let’s watch and see. In time when U have a video upload section I will post directly here, but for now check out the video link for more.