BTC Pump looks like it is related to bitfinex and tether news
for the past two weeks or so I have been looking for a correction from btc.
I wasn't updated with the news since i was busy. around May 4 i was doing a simple TA that was telling me that prices should correct a bit and before it hits 5700 to 5800. but Bitcoin was doing something unpredictable again punching through all resistance level with massive volumes.
when btc hit 6500 i was sure enough that it will not break the 6800 wall with shorts to long ratio at 3:1 . yet again it just punched through the resistance in a matter of minutes. which made me think it was manipulated by expanding my view to the 4hrs chart it looks like it was pumping and dumping every 4 hours alternating which alarmed me. thats when i started looking into the tether and bitfinex issue. given that a majority of the volume was mainly in bitfinex i started to think that this pump is a way for bitfinex to cover the 700m-850m loses by using the 300m new tether to buy and sell BTC for cash. at this level I'm expecting a major correction soon and shorted my BTC early due to the reason that this rally does not look organic
I wasn't updated with the news since i was busy. around May 4 i was doing a simple TA that was telling me that prices should correct a bit and before it hits 5700 to 5800. but Bitcoin was doing something unpredictable again punching through all resistance level with massive volumes.
when btc hit 6500 i was sure enough that it will not break the 6800 wall with shorts to long ratio at 3:1 . yet again it just punched through the resistance in a matter of minutes. which made me think it was manipulated by expanding my view to the 4hrs chart it looks like it was pumping and dumping every 4 hours alternating which alarmed me. thats when i started looking into the tether and bitfinex issue. given that a majority of the volume was mainly in bitfinex i started to think that this pump is a way for bitfinex to cover the 700m-850m loses by using the 300m new tether to buy and sell BTC for cash. at this level I'm expecting a major correction soon and shorted my BTC early due to the reason that this rally does not look organic
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test
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as of the moment dumping 7800-6600 in minutes. my buy in would be 4200-5800
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new updates wwwtheblockcryptocom/2019/05/21/tether-admits-in-court-to-investing-some-of-its-reserves-in-bitcoin/