Veteran crypto trader Tone Vays says that leveraged traders are getting crushed as Bitcoin launched a massive bear trap.
In a new strategy session, Vays takes a look at Bitcoin’s strong bounce from the $47,100 level and says the move was abrupt and largely unexpected.
“This is one of those classic head fakes, and this is a really nasty heady fake because it actually made a whole new swing low. I don’t like to use the word manipulation because I don’t think this is manipulation. I think this is just whales screwing with you. And the reason why I don’t call this manipulation is that just because someone has more money than you and is able to move the market, as long as they’re playing by the rules there’s nothing wrong with that.
So to me, I like to reserve the word manipulation for some kind of insider advantage or some kind of illegal activity. But if this