07/09/2018/08:30CET
After a faceplant, btc is starting to crawl back up and brush off the dust.
AT press time we trade at just under 6500 USD (6497)
2 weeks ago we would be happy with this price but since then we had rallied up to 7430usd.
The fall back down was stunning. Even at the 1m resolution, the chart looks crazy.
Over 100btc were traded on bitfinex in 1 minute, I'll show you this in a chart shortly.
Lets take a look at the daily...
I have removed the horizontal RS lines to better draw our long term wedge. Even though I had not shown it in the charts of late, I have been watching this.
We got rejected right on the upper side of this wedge which has now given this desending rs line more weight. In a sickening 2 days we have retraced the entire wedge to test the bottom boundary now.
Our tests of 6k in the past have not all been linear so this has given the parameters for this ascending lower boundary of the wedge. I look now for this to hold.
If we zoom into the hourly we see this plunge and the hold and tentative bounce at the bottom...
We toy with the 21hour ema indicator now. A breakout from this will be a positive sign, a rejection should be a warning that this downside is still not over.
Now I want to show you the 1 minute...
That is a monumental dump!
Where my cursor is, we have a volume of 1500btc! Holy shit! There are hours of trading that do not get over 1000btc trading!. The 21day moving average for the daily volume stands at about 26000btc traded
Who dumped this and why. If you want to sell so many bitcoin, there are ways to do this without causing so much disruption in the market, that is if your goal is to get the best price.
If your goal is to create a plunge, then this is how it is done.
In traditional markets, the SEC would be investigating by now.
Not all regulation is bad.
As always guys, leave comments, have fun and trade safe.