The last pump was totally artificial. Don’t get in if you don’t wanna get burnt. It always happens the same. Huge volume coming from nowhere and price goes up so hard. You get in and price starts to go down. Exchanges do it when they need to increase the amount of buys and sells in order to receive their fees. As you can see in this 5 min. chart, there are some weird movements. These movements are not made by people. Don’t FOMO, don’t feel bad for not catching it. It’s nearly impossible to catch it. The only thing you should do... wait and see.
I hope BTC is regulated to avoid manipulation.
This is not financial advice. I’m not responsible of your actions.
Have a good day! ;)
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Sorry, I wanted to show you the chart and TradingView made it small. Here you have the image.
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It seems Tether problems could also be the reason for this pump. Tether is supposed to be a stable coin and it should be worth 1 dollar, but it's having problems now and its value is now below 1USD. As people are losing a lot of money by holding Tether, they are selling it and buying BTC. It doesn't mean BTC will go up these days. It's REALLY dangerous to trade atm because BTC can suddenly drop more than it has pumped, what would make you lose a lot of money.
I provide you with a link to show you what's happening with Tether. It can be the reason or just another one that made BTC pump that hard.
It seems people don't agree with the price of BTC being so high, that's why after it broke the triangle upwards, it went inside it again. For me, it means people want BTC cheaper because they think it's expensive. It's all about psychology. It will be a solid breakout when it goes out and the resistance of the triangle becomes a support. The situation is completely different, and it's ready to break out the triangle downwards. If it keeps going upwards and breaks the resistance, I will eat my words. ;)
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Confirmed the idea of people buying BTC and other coins to protect their capital. This pump will not last longer. The reason is simple. This is just an idea, but there you go. People have bought BTC and other coins to get out of Tether (USDT), the price of BTC and other coins increases, then. They will have sent their BTC to an exchange that accepts Fiat in order to sell their BTC for real money, since Fiat is the only currency able to keep the real value. So, it means BTC has to go down. Why do I think they will sell their BTC? Simple. Because they don't want to hold them, since it's dangerous at the moment and they are not confortable holding a coin that loses value everyday! That's why they were holding Tether, because Tether's value was always 1 dollar, so it was like holding real money (just in case you don't know what Tether is). Some people have sold already (the price has gone down), but there are still people waiting for their BTC to be deposited to the exchange that accepts Fiat in order to sell it. My question is: What if BTC went down because some people holding bags or trading pushed it down? The answer is simple. Whenever they can sell their BTC, it will go further down and the drop will be HUGE!
This is just an idea, but it's serious and plausible.
It seems people don't agree with the price of BTC being so high, that's why after it broke the triangle upwards, it went inside it again. For me, it means people want BTC cheaper because they think it's expensive. It's all about psychology.
It will be a solid breakout when it goes out and the resistance of the triangle becomes a support. The situation is completely different, and it's ready to break out the triangle downwards.
If it keeps going upwards and breaks the resistance, I will eat my words. ;)
oliverik
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Thanks. When do you expect it to crash now when it is already out of the triangle and there is no edge to be hit? It is just going straight..
Andbcoin
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@oliverik, Thanks for your comment. Nobody knows what BTC will do at the moment. We're waiting for it to break upwards or downwards. It's in a triangle at the moment, what means the direction is not clear until it breaks the support or the resistance. If it's a descending triangle, it has 73% probabilities of going down. If it turns into a falling wedge, it will go up after bouncing. If this is a falling wedge, it will go to 4600/4500 euros (around 5300/5200 dollars), and bounce again to break the resistance and try to reach all time high.
But again, nobody knows at the moment, so I'm sorry I can't help you more. :(
By the way, regarding what you said, it isn't out of the triangle. It is inside it. Wait and see what happens. ;)
It will be a solid breakout when it goes out and the resistance of the triangle becomes a support. The situation is completely different, and it's ready to break out the triangle downwards.
If it keeps going upwards and breaks the resistance, I will eat my words. ;)