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Alex Krüger 🇦🇷 @Crypto_Macro
, 9 tweets, 3 min read Read on Twitter
Crypto markets dropped like a rock on Sep/5. $ETH even recorded its third worst day every. Sometimes it is good not to rationalize a market move too much. Some big sellers came in, price tanked, end of story.

Many still asking what happened, so let's look at some facts.
- Fundamentals are currently weak given supply/demand imbalance.
- BTC had rallied 19% straight in 2 weeks, most alts much more.
- On Sep/2 Finex BTC margin shorts spiked, quite unusually, giving the impression it may have been one large market participant.
- Given spike failed to push price down by much, traders got excited about the possibility of a trapped "bearwhale" whose selling pressure had been absorbed by a cash "bullwhale".
- In the following three days price remained stuck in a tight range. Bitcoin's 24 hour volatility dropped to year lows, which is often followed by a sharp move in price. Low volatility breeds high volatility.
-On Sep/5 at 5:45AM EST big players turned their selling algos on and price started crashing. Throughout the day bitcoin took out almost every single support level, methodically.
-On Sep/5 at 7AM EST BI published an article stating Goldman ditching plans of crypto trading desk. Article sometimes move markets. "News" came once the morning sell-off was over. "News" could have helped price continue crashing in the afternoon, or not.

-Today Goldman called the yesterday's news #fakenews.

Now to what I think. The seller/s who triggered the Sep/5 breakdown may or may not have been the same as the Sep/2 bearwhale. It does not matter. Goldman fakenews played a small role in the afternoon part of the crash. What matters most is the supply vs. demand imbalance.
Fundamentals are weak and technicals currently dreadful.

That said, if the market were to do a full reversal in the near future, that would bring about a higher time frame bear trap, and the Sep/5 bottom would likely become a bottom. Probability of such reversal is very low
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