A video of Glenn Beck dissecting the “manipulation” of BTC by large institutions is floating around. This is like the Zapruder film – still inconclusive but also plenty insightful; well sort of.
I’ve never been much of a conspiracy theorist. There are loads of people who will try to convince you markets are rigged by big players – “They know something” – but I think it’s rubbish.
Buyers and sellers determine price and this morning BTC and alts are quietly higher. There’s an old trading expression “old support becomes new resistance” (or vice versa) and I do believe there’s truth to that. All year long the $5,800 level held as crucial support for the bear market & now that same level appears almost a million miles away as invincible resistance to a rally higher. Given the rough year we are having any uptick is welcome. The missing ingredient is any kind of meaningful follow through as small rallies have all turned out to be selling opportunities for shorts who must be up a fortune this year.
I had no idea Glenn Beck was a crypto guy – is this a sign of the top, the bottom, or that we are all a little bit cuckoo. I think the mainstream media’s coverage of the entire space is laughably bad, to be honest, so any coverage – friendly or not – is helpful to lift the veil of mystery.