Fake dump

[dunfida]

So we basically just had a fake dump, also called fakeout for bitcoin. The bulls definitely bought the dip this time even though it wasn't too big, currently trading at 6400$ perhaps we are able to climb back to 6600$

As of this writing, price of bitcoin did able to reach down 6200+ which it isn't new that anytime it can dip further more. Fake outs or bull traps are just normal on this very unpredictable market.
Lots of people get victimized hoping that this is already the start of bull run but eventually it was just a fake out and making some shorts by big players.

[1714172146]

1714172146

[arpon11]

So we basically just had a fake dump, also called fakeout for bitcoin. The bulls definitely bought the dip this time even though it wasn't too big, currently trading at 6400$ perhaps we are able to climb back to 6600$

The bear has no capacity to makes a huge move again and bull are preparing to move the market upward.  I think we should buy now and I joined op to say bitcoin is heading toward $6600. The little corrections we just have is a sign that the bear thought it can still make a surprise but we can see that bitcoin is back up.

[STT]

Nobody should buy the dip at the moment I'd say.  too uncertain.  But folk must make their own choices I suppose. 

There is no perfect point, I would just say be aware of where the rough boundaries are to price movement.   So this is my current view of the pricing and previous trends extrapolated:




The blue line is 8 day moving average and I think we are into a positive trend when we trade above that price, about 6350.   Clearly there is support below even if the dip took us lower it was not especially substantial in that regard.

[exstasie]

What was very strange about the last dump, basically the one that went from $6400 to $6200 and now is around $6300. Is that the open interest actually increased right after that dump.

Not while it dumped since there was liquidations but shortly after during the bounce the OI reached an ATH pretty much on Bitmex. And we are still at a very high OI on Bitmex.

Normally when a dump like that happens the OI is decreased and stays lower until the next stop hunt.

Also the funding rate was positive right away which means the contracts opened was more scaled to the longs than shorts. So basically the dip was completely bought up.

Thanks for pointing that out. I often forget to look at Bitmex positions and just look at Bitfinex. On Bitfinex, shorts were definitely closing into the dump. Shorts are down ~3,500 BTC since that day. Longs are rising as well. Open interest is way down from last month though. I'm not sure what to make of that.

[cellard]

What's the difference between fake and genuine? When you didn't expect it or there doesn't seem to be a reason, then it's fake? And when it reached your predictions and had all the reasons, it's real?

It seems that some people don't think there are actual sellers around current levels because of how it is believed to be "very low". In that sense, the dumps have to be related to manipulation, because what 'normal' person sells right now? 

The reality is that there are enough longer term hodlers out here with sub $1000 coins looking at $6000 as a pretty decent exit point in case they need the funds. It's a free market in the end, so people can do whatever they want.

If the crypto market is indeed ruled by manipulation as people believe it is, can we still call it manipulation if most participants apply the same type of trading strategies? It evens out the playing field in my book.

Indeed, there's a lot of sub $1000 hodlers out there, however the lowest you go the entry points, the higher chances that they will not sell because the lowest the entry point, the highest IQ and therefore understanding of what money is, concepts like hard money, understanding of the risk of holding ponzi fiat scheme currencies contrary to bitcoin, understanding of up and coming bond market collapse and so on. So it's mostly all the crypto kids of class of 2017 that panic sell. Holders before MtGox collapse have been through hell and back and will not find flaws on the fundamentals to sell. Also usually they most likely were very well off before Bitcoin/already sold enough to not need to reduce their BTC position.

[cluit]

So we basically just had a fake dump, also called fakeout for bitcoin. The bulls definitely bought the dip this time even though it wasn't too big, currently trading at 6400$ perhaps we are able to climb back to 6600$

At this point, whether a dump or a pump is fake or not, only time will actually tell, but at this point, the fact remains that nothing is actually clear yet.

Yes, there is no doubt that the long wicks on the way down pretty much shows that a whale is really trying as much as possible to keep buying the dips, and in that case, there is still every chance and opportunity that we may still be inside this triangle for some few days as the bears are still trying to make something out of it as well. However, things turn out; I guess we will be seeing that breakout we have been expecting pretty soon. All I am actually seeing more of here is bots at work.

[BitHodler]

Indeed, there's a lot of sub $1000 hodlers out there, however the lowest you go the entry points, the higher chances that they will not sell because the lowest the entry point, the highest IQ and therefore understanding of what money is, concepts like hard money, understanding of the risk of holding ponzi fiat scheme currencies contrary to bitcoin, understanding of up and coming bond market collapse and so on. So it's mostly all the crypto kids of class of 2017 that panic sell. Holders before MtGox collapse have been through hell and back and will not find flaws on the fundamentals to sell. Also usually they most likely were very well off before Bitcoin/already sold enough to not need to reduce their BTC position.

When people need money they don't look at anything related to the fundamentals or why Bitcoin is better money than fiat. Bills and most goods are still paid in fiat, which is why OGs will keep selling.

Another thing is that not everyone cares Bitcoin like we here do. I'm sure that most investors are pretty neutral and just look to ride the market as it comes. They will sell without feeling anything other than relief.

I actually would prefer OGs to be unloading some of their coins, because that makes sure their coins are bought up at much higher levels, and it results in a better form of wealth distribution.

Instead of 1 person hodling thousands of coins, we'll see these coins flow in the pockets of potentially hundreds of hodlers.

[darewaller]

This is not a "pump". Pump is when something goes up and goes down insanely. Bitcoin should go to 15 thousand dollars and drop back to 5 thousand dollars in order to call it a "pump".

What happened here is a speculative movement that was manipulated by the whales but certainly not even remotely enough to be called pump. They are only viable when something goes up or down 20% give or take.

Do not create fear in people by calling bitcoin had a pump, bitcoin is too big to have a pump. Even during the best days of it when it went up from 3 thousand to 20 thousand dollars it took almost a full month to reach there, we didn't had that 20 thousand dollars in a single day. However the sudden quick rises and falls in bitcoin price really does create a untrustworthy look for it from the eyes of a traditional investor, I will give you that.

[davinchi]

We can say that the price turned to a "bearish zone" after the support rally at 6390.
The price has stabilized. Therefore, the move of $ 100 may control the market sentiment for several days. After the rate dropped to less than $ 6,300, it is unlikely to rise in the coming days, but maintain the level at 6350. And the bottom at 6100.
So what happened was not a "Fake dump."

Not a fake dump at all. We all know that this current market is getting to the apex and it has been a fight all along between the bulls and the bears and as a result of that, we have been seeing the market moving sideways.

The bears are still in the market, and it is obvious with the level of indecision currently in the market, the bears still keep trying to want to dump, but the bulls are still strong enough to keep fighting back, so at some point, someone would get weak between these two groups and that is when we will possibly be seeing the breakout happen eventually.

[marcbitcoins]

So we basically just had a fake dump, also called fakeout for bitcoin. The bulls definitely bought the dip this time even though it wasn't too big, currently trading at 6400$ perhaps we are able to climb back to 6600$

You mean most likely manipulated by the big whales? I think current price is just a normal market price movement as i don't see any extraordinary jump or dump but except when bitcoin reach $7,200 last month in just a day but its suddenly back to $6,600 again but still the fall was maybe due to some are eager to sell their Bitcoin as soon as it will reach $7,000 mark and still a normal thing.

[stelee68]

So we basically just had a fake dump, also called fakeout for bitcoin. The bulls definitely bought the dip this time even though it wasn't too big, currently trading at 6400$ perhaps we are able to climb back to 6600$

You mean most likely manipulated by the big whales? I think current price is just a normal market price movement as i don't see any extraordinary jump or dump but except when bitcoin reach $7,200 last month in just a day but its suddenly back to $6,600 again but still the fall was maybe due to some are eager to sell their Bitcoin as soon as it will reach $7,000 mark and still a normal thing.

fake or true dump, true or fake pump, its all part and parcel of the market.

be it stock market or crypto or forex, its all part of the game.

tread carefully.

[Herbert2020]

people need to start getting a better understanding of "size"! and it depends on the context. when you say $100 that can be huge rise or fall when price is like $200 but when price is $6500 that $100 rise or fall is considered a small one and since this is bitcoin and the price rise and falls are always bigger than normal changes in other markets, that $100 (which is 1%) is considered extremely tiny and is not even worth talking about!
not to mention that this price that OP got excited about a couple of weeks ago is not even to a major resistance line. not even close!

[bileq]

all of crypto peoples need that move or breaking news. all of us need that hope. may be this will cause it to real

[colenax]

So we basically just had a fake dump, also called fakeout for bitcoin. The bulls definitely bought the dip this time even though it wasn't too big, currently trading at 6400$ perhaps we are able to climb back to 6600$

I see bitcoin having a stable price at 6k $, going up a bit then going down again.
almost as you say
because of this the market will not find pumping that occurred at the end of this year.

[XinXan]

people need to start getting a better understanding of "size"! and it depends on the context. when you say $100 that can be huge rise or fall when price is like $200 but when price is $6500 that $100 rise or fall is considered a small one and since this is bitcoin and the price rise and falls are always bigger than normal changes in other markets, that $100 (which is 1%) is considered extremely tiny and is not even worth talking about!
not to mention that this price that OP got excited about a couple of weeks ago is not even to a major resistance line. not even close!

You should start paying attention to volatility then, sure 100$ is not a lot, however when bitcoin is barely moving 50$ up or down for weeks, a 100$ move in 1 hour or so is significant.

[Hamphser]

So we basically just had a fake dump, also called fakeout for bitcoin. The bulls definitely bought the dip this time even though it wasn't too big, currently trading at 6400$ perhaps we are able to climb back to 6600$

I didnt see any dumps on bitcoin price yet when we do talk about dump then this is somehow a deep percentage loss on a short period of time then eventually pump or return to normal range.
$200-$300 increase or decrease isnt really too much when we do talk about the price of bitcoin. Lots of upcoming positive news and such movement might possible a start-up of a new run.

[Slow death]

So we basically just had a fake dump, also called fakeout for bitcoin. The bulls definitely bought the dip this time even though it wasn't too big, currently trading at 6400$ perhaps we are able to climb back to 6600$

How many days have passed since your post? humm... if they spent more than 7 days and see the price:

Bitcoin: $6 385,96 USD

it seems that the price is stagnant and does not increase, for this year I doubt that we see more than  $7500, is more likely to fall price instead of increasing price, this was a very bad year for crypto and the losses are still very high . I started to see negative comments coming from the experts who made so much optimistic predictions

[XinXan]

So we basically just had a fake dump, also called fakeout for bitcoin. The bulls definitely bought the dip this time even though it wasn't too big, currently trading at 6400$ perhaps we are able to climb back to 6600$

How many days have passed since your post? humm... if they spent more than 7 days and see the price:

Bitcoin: $6 385,96 USD

it seems that the price is stagnant and does not increase, for this year I doubt that we see more than  $7500, is more likely to fall price instead of increasing price, this was a very bad year for crypto and the losses are still very high . I started to see negative comments coming from the experts who made so much optimistic predictions

''is more likely to fall price instead of increasing price'' Is it? How did you come to that conclusion? ''Experts'' are doing the same as usual, some of the predicting bitcoin to go down and some saying bitcoin will reach 50k.

The overall sentiment isn't that bad. Low volatility isn't necessarily a bad thing, a lot of people were looking for it, weren't they? Check the shorts on Bitfinex, they are declining everyday which means bears aren't very confident anymore.

[Herbert2020]

So we basically just had a fake dump, also called fakeout for bitcoin. The bulls definitely bought the dip this time even though it wasn't too big, currently trading at 6400$ perhaps we are able to climb back to 6600$

How many days have passed since your post? humm... if they spent more than 7 days and see the price:

Bitcoin: $6 385,96 USD

it seems that the price is stagnant and does not increase, for this year I doubt that we see more than  $7500, is more likely to fall price instead of increasing price, this was a very bad year for crypto and the losses are still very high . I started to see negative comments coming from the experts who made so much optimistic predictions

the loss is only high for bag holder newbies not for traders and certainly not for investors.

a bag holder is someone who has no idea what he buys, they usually fill their bags with a lot of shitcoins and start dreaming about becoming a millionaire while they lose about 90% of their investment.
a trader is someone who is still making profit specially when price drops!
an investor is someone who buys things after analyzing and with a well thought plan. for example someone who buys bitcoin because he sees the potential and he does it when the hype is not high (meaning below $4k last year) and he doesn't care about the short term fluctuations.

now the problem is we have lots of bag holders who think they are traders or investors which is why you see losses are high!

as for "experts", they are not giving you advice, they are making money by making those statements. if they say rise that means they want to sell and when they sell drop that means they want to buy.

[Idrisu]

So we basically just had a fake dump, also called fakeout for bitcoin. The bulls definitely bought the dip this time even though it wasn't too big, currently trading at 6400$ perhaps we are able to climb back to 6600$

I think we all know that the bearish trend is over but when the bull run is going to commence is what we did not know.  The ranging market has last for more than two months now and that means a breakout is expected out of the current market conditions.  If we are to trade this year I think buying should be the best options.