Kloofvreter
Honorary Master
Don't make presumptions big man
I tell you, crypto brings out the biggest of idiots :crylaugh:
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Bitcoin Thread
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I tell you, crypto brings out the biggest of idiots :crylaugh:
SaiyanZ
Executive Member
If you ignore the spike below $6200, it's been hitting the bottom and top nearly perfectly for a few days.
*SynergyX*
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5.8k....magnet
SaiyanZ
Executive Member
I think small squeeze down to around $6300/$6350 making people think we breaking below, then bigger squeeze up to around $6800. The spike down almost always happens before a bigger move up.
The Rand is also at R13.55 to the dollar. So that alone is holding the Luno price up.
Edit: Make that R13.65. Rand is getting dumped.
The Rand is also at R13.55 to the dollar. So that alone is holding the Luno price up.
Edit: Make that R13.65. Rand is getting dumped.
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The question is, what are you mining?Not sure what you are mining... But you speak not for me
SaiyanZ
Executive Member
Going down to the wire. Nobody wants to make the first move.
SaiyanZ
Executive Member
So the squeeze happened. Shorts got wrecked a bit.
I've already cashed out most of my buys from R88.7k this morning at R93k. Not sure if it will make it to $6800. A lot of this move up is not real buying. It's shorts being stopped.
Edit: $6800 hit. Expect resistance here to be too heavy to break. So think a slow drop down back to $6400 based on last fractal then maybe another squeeze up before the big drop below $6k.
Edit2: Shorts also properly wrecked now. So no more squeeze left to power a further move up.
I've already cashed out most of my buys from R88.7k this morning at R93k. Not sure if it will make it to $6800. A lot of this move up is not real buying. It's shorts being stopped.
Edit: $6800 hit. Expect resistance here to be too heavy to break. So think a slow drop down back to $6400 based on last fractal then maybe another squeeze up before the big drop below $6k.
Edit2: Shorts also properly wrecked now. So no more squeeze left to power a further move up.
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Well it became a self-fulfilling prophecy :crylaugh:
Quote,`According to the chart, Bitcoin could be seeing a price ‘spring’ within the next few days, perfectly in line with the Wyckoff method.'
Up 4.5%, get the shorts ready, cistern formation incoming?
So it was dump. Lets see how far this goes. 1000BTC just sold on Bitfinex.
Still within the triangle though. Can still do another trip up to kill some shorts.
I see most if not all of your charts are done using Bitfinex.
You do know that the majority of their volume is fake, and that they do a **** load of wash trading to manipulate price etc (as do many other `exchanges').
A writer Bitfinexed wrote some insightful articles on the subject and others have also done analysis on the fake volume in general with regards to crypto and coinmarketcap...
Bitfinex also refused to do a Tether audit, buyers beware, monopoly money, house of cards?
It's still in the triangle. Looking back we didn't have massive drops after the previous triangles and given that it is at a fairly low price now I've gotten back in. Think it's a bit too soon for another big drop. Also found a fractal where a revisit of $6800 is possible. So will look to sell again if/when the price gets to around $6700.
Fractal:
Edit: Shorts are also up again in the last day. So a squeeze could power a small move up.
Good call, got in at the right time
https://www.tradingview.com/x/JFM2PA0Z/
On the daily we've hit the same low as in February before the nice run up.
(On luno it went from about R78k to R130k during that run).
Nearing the end of a triangle, testing the 8 day ema.
Daily volume getting less and less as you can see, many expecting it to drop to the $5000's soon;
won't be surprised either way, but will definitely buy again if it drops hard...
On the daily we've hit the same low as in February before the nice run up.
(On luno it went from about R78k to R130k during that run).
Nearing the end of a triangle, testing the 8 day ema.
Daily volume getting less and less as you can see, many expecting it to drop to the $5000's soon;
won't be surprised either way, but will definitely buy again if it drops hard...
SaiyanZ
Executive Member
I see most if not all of your charts are done using Bitfinex.
You do know that the majority of their volume is fake, and that they do a **** load of wash trading to manipulate price etc (as do many other `exchanges').
A writer Bitfinexed wrote some insightful articles on the subject and others have also done analysis on the fake volume in general with regards to crypto and coinmarketcap...
Bitfinex also refused to do a Tether audit, buyers beware, monopoly money, house of cards?
I use Bitfinex to track what's going on because it has more BTC liquidity/volume than most of the other exchanges. So even if some of the volume is fake it tends to be a market leader. A major move usually starts there. I think only Bitmex is bigger for BTC.
I also used to think they were the biggest mover of BTC but I don't believe they even have a banking partner, too shady.
Food for thought -
https://medium.com/@bitfinexed/unde...uld-disregard-fakeusd-prices-and-c0933c72e3e5
As a fix for this, I’d like to see development of a more sane “Coinmarketcap”, a Coinmarketcap that doesn’t show USD prices for non-USD pairs, or USD volume for non-USD pairs.
A Coinmarketcap that only shows bona-fide USD volume so that observers can really see the real volume, and not a bunch of fake money volume with exchanges that allow wash trading.
These pairs can still be displayed, but only in terms of Bitcoin, and not misrepresented as USD.
In the meantime, when calculating the price and volume, if you’re using USD as your currency…. you can only count real USD pairs as real volume and prices.
This, then and their tether venture. Stay far away.
I'm sure most of you are already aware of these issues, so one last post on the subject if anybody's interested -
https://modernconsensus.com/cryptocurrencies/bitcoin/bitfinex-tether-investigation/
While the total tether market cap is under $3 billion, it’s still an integral part of the cryptocurrency trading market. Devaluing—or outright removing it—could potentially cripple trading in the $20 billion-per-day market and cut the $330 billion in total market cap for all crypto.
Thus the market anxiously awaits the U.S. government’s next move.
https://www.trustnodes.com/2018/03/21/tether-starts-printing-300-million-freshly-minted
The whitepaper does not explain that process, but somehow around $2.5 billion has been deposited in their bank account in the past 8 months or so.
The problem is no one can verify such huge sums have indeed been deposited especially as Bitfinex itself was not accepting fiat deposits for some time and still struggles with fiat withdrawals as far as we are aware.
No such proof has been provided regarding $2.5 billion, a sum that can cause systemic problems in the entire crypto ecosystem.
Tether Continues Printing USDT With No Proof of US Dollar Backing
https://ftalphaville.ft.com/2018/06/13/1528904202000/Has-bitcoin-come-to-the-end-of-its-Tether-/
By mapping the blockchains of Bitcoin and Tether, we are able to establish that entities associated with the Bitfinex exchange use Tether to purchase Bitcoin when prices are falling. Such price supporting activities are successful, as Bitcoin prices rise following the periods of intervention
https://www.bloomberg.com/news/arti...g-vix-alarm-says-tether-used-to-boost-bitcoin
https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4
You can watch their wallet to see when new tether gets printed to push up price :crylaugh:
https://www.omniexplorer.info/address/3MbYQMMmSkC3AgWkj9FMo5LsPTW1zBTwXL
They sent out from that wallet $100m three days ago whatever that means -
https://www.omniexplorer.info/address/1NTMakcgVwQpMdGxRQnFKyb3G1FAJysSfz
https://modernconsensus.com/cryptocurrencies/bitcoin/bitfinex-tether-investigation/
While the total tether market cap is under $3 billion, it’s still an integral part of the cryptocurrency trading market. Devaluing—or outright removing it—could potentially cripple trading in the $20 billion-per-day market and cut the $330 billion in total market cap for all crypto.
Thus the market anxiously awaits the U.S. government’s next move.
https://www.trustnodes.com/2018/03/21/tether-starts-printing-300-million-freshly-minted
The whitepaper does not explain that process, but somehow around $2.5 billion has been deposited in their bank account in the past 8 months or so.
The problem is no one can verify such huge sums have indeed been deposited especially as Bitfinex itself was not accepting fiat deposits for some time and still struggles with fiat withdrawals as far as we are aware.
No such proof has been provided regarding $2.5 billion, a sum that can cause systemic problems in the entire crypto ecosystem.
Tether Continues Printing USDT With No Proof of US Dollar Backing
https://ftalphaville.ft.com/2018/06/13/1528904202000/Has-bitcoin-come-to-the-end-of-its-Tether-/
By mapping the blockchains of Bitcoin and Tether, we are able to establish that entities associated with the Bitfinex exchange use Tether to purchase Bitcoin when prices are falling. Such price supporting activities are successful, as Bitcoin prices rise following the periods of intervention
https://www.bloomberg.com/news/arti...g-vix-alarm-says-tether-used-to-boost-bitcoin
https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4
You can watch their wallet to see when new tether gets printed to push up price :crylaugh:
https://www.omniexplorer.info/address/3MbYQMMmSkC3AgWkj9FMo5LsPTW1zBTwXL
They sent out from that wallet $100m three days ago whatever that means -
https://www.omniexplorer.info/address/1NTMakcgVwQpMdGxRQnFKyb3G1FAJysSfz
SaiyanZ
Executive Member
The only real question I see regarding Tether is whether it is really 100% backed by USD. If true then the patterns and printing of Tether just before price increases makes sense to me. This is because people will deposit USD and get Tether to buy the dip when the price drops. So Tether gets printed and people buy BTC which makes the price increase.
There is fokhol behind tether, it's a scam and will explode before the next bull run.
SaiyanZ
Executive Member
Probably back down a couple hundred dollars now I think. People are still afraid to short.
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