I haven't posted in FOREVER. But I'm still here. I might start posting ideas again. It takes up so much of my time to provide content on the other social media channel that shall not be named, I just couldn't keep up. Anyway, "that being said" (I HATE that phrase), here's what I see...
This is a short squeeze. If that's not a scam wick, I don't know what is. I remain unconvinced that this move is the beginning of a reversal. I did not find one single indicator that supported this upward move. With volume declining, why did we move up like a staircase, all the way up to the big scam wick liquidation pump? It seems to me that this is artificial. I guess the leverage exchanges (or whomever it is behind this) can get away with this legally, since regulations don't prevent it, but this is just plain wrong. It's sad to see. In my opinion, it is abusing confidential information when you see the size of the bets on the books and you take the opportunity to liquidate them for billions of dollars. I call that stealing.
If you look on my chart, you'll notice the two red rectangles with green shading that I have indicated two huge areas of resistance. We blasted right through the upper resistance zone, with literally no indication that it was coming. That was amazing. And I think it was terribly wrong on the part of whomever is behind it.
Strong words, but that's the way I see it. I'm going to wait a while, like I have been for several weeks, before I start placing some orders for my favorite alt coins that I sold after it was obvious that we were in a bearish trading channel a couple of months back. It's too bad I didn't see the blow off top coming, because I was WAY up on all of my positions. But I had the good sense to take profits while I was still at a healthy profitable point. I'll be lurking, watching, and waiting for an absolute confirmation that the bottom is in. Sure, you can't always catch the bottom. But it is safer to give up some gains to wait for an absolute reversal in trend.
I'd love to hear your thoughts about this! Stay tuned, I'll be back!
Sounds like more sour grapes from permabears who got rekt. Maybe now you'll see shorting BTC at 30k is a fools errand.
carltonzone
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@Kushman187, You are stupid. I don't hold any BTC. I don't get into this mindless, endless argument of stupidity from you Bear vs Bull people. Also, I never, EVER short sell. I don't play with leverage. I have a family to take care of, and I don't gamble my money. Nice try with the "permabear" thing, but I think you've got me mixed up with someone else.
go92831
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@Kushman187, Take a look at the Bitcoin charts now, dear 'permashiller', then go back at consuming some crap TA that feeds your bias and post your stupid comments there.
SocialCryptopreneur
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Really appreciate your post. Have not seen anything from this pump that tells me that the market has any sustainable capacity. It isn't like buyers are going to suddenly appear just because of a rumor or two. The fundamentals are not yet in place on any of these projects to sustain them at these levels. I imagine that the shorts will regroup and look for weakness as they have a good R/R here, with the resistance overhead. Bears may wait a few days, but I do not see bulls being able to keep this price without some serious additional & favorable fundamental news.
carltonzone
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@SocialCryptopreneur, Thanks for reading, and thank you for such an intelligent comment! I'm thinking the same. Where is the evidence to support this pump? It's just not there. Could it continue? It sure could. In fact I think it could run to 58k. Chances are this will correct though. One thing for sure, this proves that you cannot ever be 100% sure of what happens next, even if the charts are super clear. Yes there is a resistance overhead that I am seeing around 41k. This will be fun to watch as it develops!
go92831
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@carltonzone, And it was fun! I enjoyed it so much that I even forgot to grab the popcorn.
apsnt
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You could argue that there was some indication but on lower tfs it definitely looked like it was about to go lower again. Then a sudden bump in volume and 15 minutes later the situation changes 180 degrees. IT IS a manipulated market - both up and down. Shorts got liquidated because it all looked weak. Is it a scam wick? Probably not, probably it's a start of another manipulated bull run.
carltonzone
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@apsnt, You are right about that. It ended as a full candle, not a scam wick. This is some crazy stuff!
Gringo1nlx
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@apsnt, you and i are manipulating the market aswell. EverBody is. Stop saiyng a wors thats basicall describin g you crYing
apsnt
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@Gringo1nlx, I didn't have any position Gringo. I ain't crying because I ain't playin' with uncertainty. And if you care to zoom in and look at price action and volume on 5-15 min. timeframe, you'd know what I'm talking about. You and I may be feeding on the scraps, we're not manipulating anything.