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Author Topic: Again the same as August 22... +$ 300 in just 10 minutes  (Read 234 times)
reactorjuno
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August 28, 2018, 09:49:34 AM
 #1

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?
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August 28, 2018, 09:58:39 AM
 #2

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.
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August 28, 2018, 10:05:48 AM
 #3

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  Cheesy
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August 28, 2018, 10:28:26 AM
 #4

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.
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August 28, 2018, 10:33:21 AM
 #5

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.

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August 28, 2018, 11:15:40 AM
 #6

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:



Even if I am optimistic for 2019.
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August 28, 2018, 11:19:07 AM
 #7

Thoughts perhaps?

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. 


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August 28, 2018, 11:21:17 AM
 #8

Thoughts perhaps?

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?




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August 28, 2018, 11:24:34 AM
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 #9

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.

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August 28, 2018, 11:24:38 AM
 #10

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.

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August 28, 2018, 02:18:27 PM
 #11

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.

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August 28, 2018, 02:39:58 PM
 #12

Again the same as August 22... +$ 300 in just 10 minutes
and again like August and other 10 million times before it, $300 is a 4% rise and not a big deal.

Quote
However, when I see that without much reason, bitcoin price goes up $ 300 in just 10 minutes, then I wonder.
you not seeing a reason doesn't mean there isn't any. it just means you can't think of one. Wink

Quote
On August 22, Tether had printed 100M (if I am not wrong) and today 50M.
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.

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August 28, 2018, 03:14:16 PM
 #13

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.

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.

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August 28, 2018, 04:54:07 PM
Last edit: August 28, 2018, 05:08:16 PM by BrewMaster
 #14

When tether gets printed that means that someone bought tether with UDS to buy Bitcoins. That should increase price of Bitcoin.

maybe you need to read what you just wrote again Cheesy
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.

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August 28, 2018, 05:11:36 PM
 #15

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

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August 29, 2018, 09:26:41 AM
 #16

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.

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August 29, 2018, 10:05:40 AM
Last edit: August 29, 2018, 10:26:53 AM by hase0278
 #17

By the way, perhaps time to sell soon:
~snip~
Even if I am optimistic for 2019.
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.
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August 29, 2018, 03:30:07 PM
 #18

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.

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August 29, 2018, 03:47:28 PM
 #19

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.

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August 29, 2018, 04:07:46 PM
 #20

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.
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