Bitcoin Forum

Well, as a crypto-enthusiast, obviously every rise should be good news.

However, when I see that without much reason, bitcoin price goes up $ 300 in just 10 minutes, then I wonder.
The volume is not the same as August 22, but the reaction is still very similar, a damn green candle for no reason .
On August 22, Tether had printed 100M (if I am not wrong) and today 50M.

That's why I do not really know what to think about these magic rises.

Rise day after day = good sign
Rise after some great news = good sign
Rise without reason at 2 AM in the morning EXACTLY like August 22, that's just weird.

Thoughts perhaps?

Bitcoin is a highly volatile asset, so it’s not surprising for me. Before investing in bitcoin I’ve invested in stocks (blue chips) and stock funds, which, compared to bitcoin have low volatility. In the past 24 hours it’s gone up 3%, which seems to me like KO or JNJ going up 0,3% in the last session.

Not buying it.

Besides... The rise of August 22: volume of +100 Million in one hour
Today's rise: volume of +50 Millions in one hour

Which corresponds precisely to the number of Tether emitted on August 22 and today. I'll leave it here  :D

Personally the manipulation doesn’t bother me as long as it’s upward price manipulation. Obviously it bothers me when there’s controlled shorting going on.

Wake me up at $10,000.

So you're trying to imply that these sudden rises are the works of Tether printing out money? It could be an eventful happenstance though I find it unlikely that traders are buying bitcoin whenever new money is printed in Tether. Or perhaps insider trading is aligned with Tether's printing of new money; there's just too many possibilities that it's quite impossible to correlate one thing to bitcoin's price rise anymore. We all know that bitcoin is a highly volatile asset but we are still somewhat in-denial of it being highly susceptible to large-scale manipulation even after years. Perhaps Tether could answer your question, but if the pattern isn't broken for the next sudden rises, we can all attribute it to traders buying bitcoin whenever Tether prints out new money.

I cannot be sure, maybe a little of paranoia on my end too. But I am starting to have some kind of vendetta against Tether! Graphs... no worries, I can deal with that every day, but I still have trouble predicting when these gentlemen decide to print USDT.

By the way, perhaps time to sell soon:

https://i.imgur.com/55IUPJj.png

Even if I am optimistic for 2019.

I would presume that all that's left in this market is bots, nutters and scalpers.

The only thing left for them to do is attempt to rape each others' shorts and longs hence the super violent moves. They do their best to clear everyone out and then start again.

Is it 'manipulation'? Yes. So were all previous tactics too. 

Do I detect a non believer & non HODLER?

Bro I thought you were a bullish OG?

I believe in BTC.

I also believe the platforms for buying and selling it are largely an empty computer game at the moment.

It's no different to the Gox only days when one person put up sell walls tens of thousands of coins high.

Maybe it's time to not focus on rises and causes anymore, but just have the market do its thing. If people were so understanding of how this market works, they would have utilized that knowledge instead of talking big.

It doesn't even matter what causes these ups and downs, the only important aspect is that we still manage to firmly stay over that important $6000 mark. It has been somewhat of a floor and time will tell whether or not it'll hold.

I personally believe that there are enough possibilities to either go back to $8000 or tank towards $5000's from current levels. In other words, the short term direction is and remains a mystery to all of us.

I'm not convinced by this increase at all and have opened a short position at ~$7050 because I believe that this is the next lower high in the longer term downtrend.

It may go a bit higher from here, but it should peak out at around $7500 from where we will correct. It's almost too predictable in my opinion, but as long as everything remains the same, which I think it will, we'll keep setting lower highs. I'll say it again; the long term downtrend has been the only consistant aspect of this year's market. Don't work against it.

The next 'easy' short opportunity will be just before the SEC announcement next month.

and again like August and other 10 million times before it, $300 is a 4% rise and not a big deal.

you not seeing a reason doesn't mean there isn't any. it just means you can't think of one. ;)

on at least 10 maybe 20 other occasions ever since that time and before there has been Tether printing and price has been falling for the better part of past 8 months. if it had anything to do with bitcoin price rise then it should have also risen at those times.

When tether gets printed that means that someone bought tether with UDS to buy Bitcoins. That should increase price of Bitcoin. So I dont really understand what you dont understand. Maybe just what tether is.

maybe you need to read what you just wrote again :D
you said people buy tether with USD then you say this purchase increase price of bitcoin!!!
it is like saying people buying a JPY in forex with USD increases price of bitcoin!

not to mention that nobody in his right mind would buy tether first then uses tether to buy bitcoin! that would cost you 2 times the trading fees which is percentage wise not a fixed amount.

Agreed.  I own some stocks that randomly jump up or down 5% with no news whatsoever and earnings reports still a month or two away.  There is a lot of randomness in markets in general, and crypto has historically been really volatile.  It's nice to see bitcoin jump up a few percentage points, but looking for an explanation for it is kind of futile IMO.

The simple reason people may buy bitcoin when Tether starts printing more is because of exactly threads like this one. When people look for a relationship between something then they often act as if this relationship were true, thus causing such a relationship. It's somewhat of a self-fulfilling prophecy. You think tether printing means BTC price increases so you buy BTC and the price increases.

You shouldn't play with bots and scalpers because your money might end up as a fodder to them. Feel free to sell if are in profit already but you'd better hold on to your stash if you really are optimistic for 2019 because if you don't, It is very likely that you will be buying at a higher price OP before 2019 comes. Nice chart analysis by the way.

Maybe looks like the same pattern as on 22nd August but the reasons behind current increase of price don't have to be the same. Although it's good opportunity for traders to make some profit on a short term.
Still I wouldn't pay too much attention to this price rise because similar like the last time it will not be permanent. At least I don't think so.

A rise without further reason means there will be a correction after that, We are all very fond to this kind of movement and I really think there is no need to be amaze by these, And even if they can raise the value that suddenly they will face the consequence of a correction, I really think the movement of a bullish trend is good for now we can really determine the floor, And we can pretty sure see how the movement may occur.

Just because it was increased that quickly like before doesn't mean it will neither fall nor will go up. Individual movements on bitcoin doesn't reflect the future of it by a longshot. We need to understand that sometimes there are movements that look like promising or depressing but won't be followed by the same movement.

Just because we reached $7k easily today doesn't mean we will go to $8k than $9 than $10. It also doesn't mean just because it was a quick gain it doesn't mean there will be correction right away and drop to $6k afterwards. These small movements happen by themselves and what follows is only decided by us, the people who keep using bitcoin, we decide if it will go up or down, just like if it didn't happen in the first place.

My thoughts: The news and reasons people talk about that occur around the time of price rises AND dips... those are all hindsight analyses.

Every price movement, to me, generally, especially the quick ones you're talking about, is just the way the market moves. No rhyme or reason. We can talk about long-term movement and explain that away pretty easily, but the daily expert analysis news pouring out are all written and said after the fact.

And for those who try to reverse that timing concept, they're called price predictors ;)

I don't think that you should be concerned.

The markets moves unpredictably every now and then because of the fact that not every single player within the market are completely rational. That's just the truth here. Not every rise is justified all the time by some supporting evidence. And these random price swings definitely can happen, and it does happen all the time.

I feel like that this price hike is most likely due to the anticipation to the ETF deadline in September, alongside the fact that traders see that $6k support is still holding up, which boosts confidence obviously.

I don't think that this is necessarily going to be anything long term though. More likely than not, it's a short term price rally that won't turn the market sentiment bullish all of a sudden. Don't get too excited and go FOMO buy, because I don't really expect anything majorly bullish out of this.

I got a news just a couple of hours ago from CNBC this may be the reasons why the price is rising back again.

Read the article from here Bitcoin recovers above $7,000 as key South Korean exchange comes back online (https://www.cnbc.com/2018/08/29/bitcoin-back-above-7000-as-key-south-korean-exchange-comes-back-online--.html)

According to the article, the Bithumb exchange will be coming online soon and all buy trade comes from Asia that is why the price keeps increasing these days. Since Bithumb in South Korea will reopen again it is a good sign that the price will touch again to $8k value.

Could be.

We all know that South Korean has a appetite for Bitcoin and Bithumb returning to action will make them renewed their interested on crypto as a whole. Encouraging to say the least, but we have to see the effects in the next couple of days. As per coinmarketcap, the price is still going strong and holding around the $7K.

So its going to be interesting if this news will push the price at least to $7200-$7400 mark, which is the next resistance levels. And looking https://coinmarketcap.com/exchanges/volume/24-hour/:

5. Bithumb Bithumb

#   Currency   Pair            Volume (24h)   Price   Volume (%)
1   Bitcoin   BTC/KRW   $245,378,290   $7,058.16   66.49%

South Korea is a market closed to foreigners so it's basically irrelevant. At certain points it was 20% above the rest of the world and all the rest of the world could do is look on as it pointlessly fellated itself. It might ignite a little pump but it won't stay that way. It's treated as its own thing by everyone who is not in South Korea.

Referring to my last point on hindsight, price just dipped $200. What bearish news shall we now attribute to this?


Yeah, even with all them players thinking to "arbitrage trade" at RoK and even Zimbabwe realised the effort just wasn't worth it, and doesn't half affect the rest of the world. Nice wordplay, I do believe it's my first time reading about auto fellatio on price association, though a more progressive trader would find that remark gender-biased.

The bitcoin price is good to see to increase again because that is really a good for the bitcoin price to see again pumping. All we need to do right now is to buy more bitcoin and spread good news that bitcoin start pumping again and convince them to invedt again so they will see again 20k dollars more before end of this year 2018. Everything will be okay if we choose right direction and that is holding and buying and not to sell and even panic can affect also to you.

Yes it increases price of Bitcoin. Because only use case of tether is or to turn it into USD back or to buy Bitcoin or other crypto. There is no other use case. You cant buy bread with it or tractors or submarines.  Tether gets printed when tether printers have no available tether anymore. All tether that was sold to them for Bitcoin they sold for USD. More USD that are coming in need freshly printed tether.  It is totally simple.

*bump*

10000 Bitcoin + 100 millions Tether + bearish divergence...
Whales want to pump no matter what.

10000 bitcoin is the equivalent of 70 million US dollars. Tether injecting $100 millions. I have the feeling that those who have been manipulating with Tether have been sniffing out an excellent opportunity, and will do everything to transfer these 70 millions in their pockets. The price may go up very high. Just to kill the shorters  ::)