Bitcoin’s price has made some improvements over the past few days after hitting a low of $405. In our last technical analysis we provided some evidence as to why the overall trend is still bullish, irregardless of the recent bull traps. Now that the new week started and New Years is approaching, Bitcoin is still feeling the momentum from the hype before Christmas.
An interesting observation about this weeks markets is the fact that 200k+ bitcoins were traded at the OKCoin exchange earlier today. OKCoin .cn has no trading fees, unlike the .com variant which has a 0.2% Taker Fee, for a list of bitcoin exchanges and comparison of fees check out this chart. Because of no trading fees, bots are able to trade with themselves causing spikes of volume. This tactic is known as wash trading, it is used to manipulate the market and to inflate an exchange’s volume, users on reddit named it “the volumizer”. Courtesy of onksk from r/BitcoinMarkets here is a picture of the volumizer in action
Read More:
http://themerkle.com/coins/bitcoin-technical-analysis-123015/
