Consider this.. If you were one of these "whales" and really bad news came out for the coin you have been supporting at lets say 4,000.. After you remove your buy orders supporting that price, are you going to stop investing in that coin, or are you going to now support it lower? And after all the retail investors panic out of there coins and the price drops down to 3,000 where you have moved your buy orders, what will happen? Consider too that there are not only people panic selling all the way to 3,000 but there is also novice traders who are shorting the market all the way down.. Once some large players starts to support the price a domino effect happens.. The faster retail players start to buy along side the big money, and some of the shorters buy also (covering there shorts) but you gotta be fast because within a few minutes this wave of buying has shot up the price, and now everyone is buying and shorts are getting squeezed, and forced to cover fast.. it is the nature of the market to over extend a move and then panic to fix the overextention.. however it still comes down to big money, removing there 4,000 bids and replacing them with 3,000 bids.. They control the move in that they are picking the areas of support.
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I agree, but I just wonder why not 2500 or 2000? They are wales so they could. They would earn even more. My point is that these support levels arent picked arbitrary, there is probably something behind it, and if I knew what, then I could use this knowledge.
Because 3000 is a psychological barrier for all traders, people would start buying there even without big money.