Bitcoin Traders Are So Easy To Manipulate

Bitcoin continues to do exactly what we expected the past few days. We talked about a bear trap first which happened. Then the popular crypto Twitter accounts helped with the bear trap by pushing the bearish narrative further. After that, we saw some big crypto Twitter accounts get hacked which gave traders more reason to get out of BTC/USD and other cryptocurrency pairs. Meanwhile, the S&P 500 (SPX) continues to hold its ground above the 3,200 mark.

Retail sentiment in this market is heavily influenced by Twitter and Youtube both of which manipulate unsuspecting traders with the promise of free information. That promise of “free” attracts retail traders in flocks and then that “free” information is used against them as they are tricked into believing the opposite of what is about to happen. What happened just recently is a classic example of that and this is not the first nor the last time it will happen.

Throughout my years of trading, I have seen it all. I started with penny stocks at a young age of 14. There used to be these websites that would give “free tips” as alerts and emails as to which stocks were about to skyrocket. Almost every time that information was used against the average trader that received that “free” information. Nothing in life is free and everyone has a motive. Even I had a motive when I was writing this. So, take information from everywhere but always make your own mind because at the end of the day it is your money.