Another Confirmation that ETH is the Whales New Toy
Unfortunately we have witnessed once again how this market is being used and abused by some people who have enough funds. Yes again, proof of how we (people) simply can't do without at least some kind of regulation or rules. My early followers know i have preached about these kind of things more than a year ago even, that we are our own worst enemy. We simply can't help ourselves when we see easy money. Now of course this does not mean everyone is like this, but i think it's safe to say that it's the rich people in the world doing it. Their greed simply never ends and it's only the rich who are able to do this.
In discussions i had back then where some accused me of spreading FUD, i simply stated i was being realistic and knowing how humans are through out history even. I always said i like (maybe even love) the whole Bitcoin idea and it's ideals, but it wasn't difficult too see back then (when the futures trading started) that many people don't care at all about those ideals, they just want to earn money no matter what.
Anyway, yesterday i posted a few messages about ETH' a few hours before that last rally:
1) ETH has dropped quite stable, too stable it seems. Like bears are not strong enough it seems now. I think 4095/85 is THE' support to hold now. For ETH' around 157 (on bitmex)
2) See how the difference between the BitMex price and mark price has increase the past hours. funding has become quite big well (because of that). Channel shows a drop that seems to be too stable. Like their hold BTC but pushing ETH'
So what happened now:
1) ETH' was getting pushed higher, even a few days earlier when BTC' at the 3900. I mentioned it once on TV and a second time in my channels, that it looked like ETH' wanted to move up, but as if Bitcoin' was dead and simply did not want to move up. So it was not getting sold hard, was more like there were not enough buyers.
2) Eventually ETH broke up and Bitcoin, with some hesitation followed and we rallied to 4100.
3) What i showed above and eventually got confirmed, was the accumulation. So letting people short there and they buy it up
4) On the left you can see the breakout zone of that triangle. There are always people who go long at a breakout and obviously a lot of shorts who have stops above that level. You get a lot of liquidations on Bitmex, so they put in their closing orders upfront and they get filled with the liqs and the FOMO traders.
5) The strange thing was, Bitcoin' did not really follow. It rallied 50 points, like it was carrying the weight of the worldwhere it should have been 150.
6) Here is where it started, these people where shorting Bitcoin' since it reached the 4100. I think, volume was not enough for them so they forced another push on ETH' (160 to 166) to motivate more buyers on Bitcoin' (this is just an assumption, but because of nr 5 i think it's real).
7) I missed this part since i was away, but when buying volume was decreasing at the end, they probably through in some big sells and triggered a long squeeze (triggering stops of long positions, creating a snowball effect).
8) Yesterday i said, i was surprised they pushed it up Saturday afternoon CET'. Think i never seen a move like that during that time of day the past 6/8 months. Today they dump it Sunday afternoon CET', where usually the movements on Sunday begin around 22.00 CET. All a coincidence? I am 99.99999% sure it's not :). Why at these moments, because the pro's try to take the weekends off and volume is always much lower during weekends (like 20/30% of weekdays). So the order book is not filled with longs and there fore there is nothing that could stop the big snowball of stops triggering.
This will never end as long as volume is divided over so many exchanges. We had several moments like these the past 8 months, like the Okex liquidation in Aug and the 7400 high drop Sept and this one. The problem is, there is almost nothing we can do about it. Only if we would all combine our volume to go against them when they are fully loaded, we could stop them (maybe). There is one moment where i think they failed, that was in July when we broke the 6800 resistance. The volume and the fight was very big, i am quite sure it were the same people shorting it there as well, but there were too many buyers then.
If you think that if we know this, then why not join them? Well, if the volume that joins them is low, than yes. If it's to high, they can't get theirs filled leaving them with one option, that is squeezing you out of your shorts into their sell order at an even higher price.
Please don't forget to like if you appreciate this :)
Previous educational post:
In discussions i had back then where some accused me of spreading FUD, i simply stated i was being realistic and knowing how humans are through out history even. I always said i like (maybe even love) the whole Bitcoin idea and it's ideals, but it wasn't difficult too see back then (when the futures trading started) that many people don't care at all about those ideals, they just want to earn money no matter what.
Anyway, yesterday i posted a few messages about ETH' a few hours before that last rally:
1) ETH has dropped quite stable, too stable it seems. Like bears are not strong enough it seems now. I think 4095/85 is THE' support to hold now. For ETH' around 157 (on bitmex)
2) See how the difference between the BitMex price and mark price has increase the past hours. funding has become quite big well (because of that). Channel shows a drop that seems to be too stable. Like their hold BTC but pushing ETH'
So what happened now:
1) ETH' was getting pushed higher, even a few days earlier when BTC' at the 3900. I mentioned it once on TV and a second time in my channels, that it looked like ETH' wanted to move up, but as if Bitcoin' was dead and simply did not want to move up. So it was not getting sold hard, was more like there were not enough buyers.
2) Eventually ETH broke up and Bitcoin, with some hesitation followed and we rallied to 4100.
3) What i showed above and eventually got confirmed, was the accumulation. So letting people short there and they buy it up
4) On the left you can see the breakout zone of that triangle. There are always people who go long at a breakout and obviously a lot of shorts who have stops above that level. You get a lot of liquidations on Bitmex, so they put in their closing orders upfront and they get filled with the liqs and the FOMO traders.
5) The strange thing was, Bitcoin' did not really follow. It rallied 50 points, like it was carrying the weight of the worldwhere it should have been 150.
6) Here is where it started, these people where shorting Bitcoin' since it reached the 4100. I think, volume was not enough for them so they forced another push on ETH' (160 to 166) to motivate more buyers on Bitcoin' (this is just an assumption, but because of nr 5 i think it's real).
7) I missed this part since i was away, but when buying volume was decreasing at the end, they probably through in some big sells and triggered a long squeeze (triggering stops of long positions, creating a snowball effect).
8) Yesterday i said, i was surprised they pushed it up Saturday afternoon CET'. Think i never seen a move like that during that time of day the past 6/8 months. Today they dump it Sunday afternoon CET', where usually the movements on Sunday begin around 22.00 CET. All a coincidence? I am 99.99999% sure it's not :). Why at these moments, because the pro's try to take the weekends off and volume is always much lower during weekends (like 20/30% of weekdays). So the order book is not filled with longs and there fore there is nothing that could stop the big snowball of stops triggering.
This will never end as long as volume is divided over so many exchanges. We had several moments like these the past 8 months, like the Okex liquidation in Aug and the 7400 high drop Sept and this one. The problem is, there is almost nothing we can do about it. Only if we would all combine our volume to go against them when they are fully loaded, we could stop them (maybe). There is one moment where i think they failed, that was in July when we broke the 6800 resistance. The volume and the fight was very big, i am quite sure it were the same people shorting it there as well, but there were too many buyers then.
If you think that if we know this, then why not join them? Well, if the volume that joins them is low, than yes. If it's to high, they can't get theirs filled leaving them with one option, that is squeezing you out of your shorts into their sell order at an even higher price.
Please don't forget to like if you appreciate this :)
Previous educational post:
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