Hi traders, I am not buying back in just yet.

Here's why.

Bitcoin.

• Bitcoin had a a nice bounce from $8,300 but the bear is not entirely off the table yet, at least not until we break above resistance with volume;

• Another look:

• If we can't break this important level I wouldn't be surprised to see the price plummets to new lows. If we do break this level however, I'll probably get back into a moderate position and have sell orders at around $11k where the bear started....

Speaking of bear, have you heard YouTube's latest conspiracy theory?

Mr. Kobayashi is the bankruptcy trustee for Mt Gox, he is accused of deliberately crashing the market by selling thousands of bitcoins on exchanges on behalf of MtGox creditors and is rumored to plan on selling even more bitcoin in the future.

...here are my thoughts on this:

While selling large sums of bitcoins on exchanges certainly might have accentuated some of the bearish price action we've seen since the beginning of January, this man is by no means responsible for the bear market. For me, all the scapegoating we've seen on social media since the story broke out is evidence that most market participants do not understand market dynamics and instead are out looking for simplistic explanations to avoid taking responsibility for their poor trading decisions.

If anything, this sad story (if true) is proving that the crypto investor community lacks maturity and can be easily manipulated by unscrupulous social media influencers.

PS: I wouldn't be surprised to see this story being debunked sometimes in the future when we discover that the coins where actually sold in OTC markets and had absolutely no effect on the price.

End of rant.

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Cheers.