The evolution of the bid sum on Huobi supports a new pump.
Pump kind of failed, since on OKCoin the huge volume didn't push the price up much and then corrected sharply. I was 3x long, but the correction triggered my stop loss at 452$, grrr...  |
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Well, the TA looks rather bearish, but the healthy bid side in China ( if it's not fake...  ), should prevent a break down of the triangle. Unfortunately for me, if it will break up, it will happen again while I will be asleep, so I might miss another opportunity.  |
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The evolution of the bid sum on Huobi supports a new pump.
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Closing prices vs. candle peaks has been interesting to watch lately, across more than one time scale (6h, daily, weekly).
12 hr has been my favorite timescale as of late, rather bullish looking these last few months... Yet still long enough that fluctuations are at least a little dampened. If we can assume that the market has turned and we are now in a majority bullish market, what would it take to revert to a bear market at this point? Thanks, The PBoC to stop fiat flux to the exchanges. |
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2h PSAR flipped to bullish on Chinese exchanges.
And despite a growing bid side on Chinese exchanges, too little up after this. Price action appears to define a rising wedge, which is close to completion. In the meantime, 6h and now 12h PSAR flipped to bullish. The second event just occurred and made me rethink my planned short. By my local count, this should correct soon, maybe a couple of hours. But it is possible that the expected support test to have been truncated, due to greatly increased bids on Huobi, over 40% over the Dec 12 pre-crash levels. In which case, target 650$...  Bitstamp and Bitfinex have trouble following, their bid / ask ratios are below those of the 12th December, so they would crash if not following Huobi. |
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Come on, bulls... You can pump this another 10$ (but NOT much more that that!) so I can open my short...  |
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Freakin' Chinese, the pump triggered a bullish 6h PSAR flip... |
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After the pump failed, I think it's time to test support (it may take several days of slow downslide). Planning to buy back around 400$.
u should buy metals low instead of buying bitchcoin high. So... you think 400$ support won't hold... I will only buy after I'll see it holding and some bullish indicators. |
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After the pump failed, I think it's time to test support (it may take several days of slow downslide). Planning to buy back around 400$.
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nice detail. this shows that bitcoin will win ING executive: Buitenhek said that one of the driving forces behinds the bank's efforts to explore bitcoin and the blockchain that underlies it is the fact that a large number of its staff had already been experimenting with the technology on their own initiative.
“Two years ago – somewhere in 2013 – we started to look at this. We found out that over 100 of our IT staff were playing with applications of blockchain, including bitcoin. We didn’t even know about it.”  http://www.coindesk.com/ing-all-our-business-lines-involved-in-blockchain-exploration/That's because bank employees had to process fiat transfers to exchanges. |
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Perhaps some think this is next  Possible if the flow of fiat into Chinese exchanges stops, but there is no evidence of this yet. So far IMO this may or not push a but higher, then deflate over 3 - 4 days and test support at 400$, after that we'll see. |
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2h PSAR flipped to bullish on Chinese exchanges.
And despite a growing bid side on Chinese exchanges, too little up after this. Price action appears to define a rising wedge, which is close to completion. |
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Seriously, you guys are still counting BTC/CNY volume on Huobi and OKCoin? Get a clue.
Thinking is kinda what we do here now. Old-timer.  Calling me 'old timer' only adds to my point here. Nearly two years ago I left, when all of this Chinese bs was going on, and when I came back I expected was ample time for the Chinese to be completely capitulated and out of the market, and that that fake CNY volume would be completely debunked. In fact it is well known that the CNY volume is fake and it was even way back then. Coindesk doesn't even include those exchanges in it's calculation. USD and adoption are supposed to be running the show now, but here we still have jokers talking about how 'the imaginary chinese whale dumped his 80,000btc/cny on Huobi'. Except that it's not USD and adoption running the show, if it were so then price would be sub 200$. The largely fake Chinese volume, with apparently Huobi leading, is driving the price. |
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2h PSAR flipped to bullish on Chinese exchanges.
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1h PSAR, that flipped to bearish with the large dump, now flipped to bullish, only on Chinese exchanges for now, and the triangle appears to break up.
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There's a triangle to close in a few hours and a bit of a battle between bears and bulls on OKCoin. IMO the outcome is going to have a long term influence.
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...
Tzupy,
Curious, why are you bearish?
Because I believe this has run out of steam, and a correction (amplitude unknown) is due, but for now the little triangle broke up. There is a bearish divergence in MACD in 1h and 2h, and soon the 6h PSAR (and then 12h) may flip to bearish. Without the little pump that corrected lower than the start point, we would have an hour or two till the correction. With the little pump, if there's going to be a correction, it will happen again while I'm asleep (I hope not). Is it still bearish  The Chinese pumpers managed to delay the correction until they reached their target, and now dumped upon the piglets. I waited until 4am (my time) and then had to go to sleep, of course this started around 6 am, so I missed the short. |
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so, sheeps are 99% long, okcoin bots are down, inb4 the margin call begins. i thought that was the funding... ie usd available to go long... === not many ppl go long yet That pic is just 1h sentiment, to get a more comprehensive image go here: https://bfxdata.com/sentiment/longshort |
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