I can only think this is a pump and dump. Yes I have been expecting the price to rise but so fast so hard..??? Not this way, THIS IS NOT ORGANIC PRICE MOVEMENT (IMO)
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UPDATE @ 04:40 So the retracement has been slow, there are still alot of buying pressure and bullish momentum to remain above 10K, although I am waiting on the pullback to either test 10K as a support (which at this stage will be weak) OR a furthet pullback towards the 9700s. I think this pump took us all by surprise, regardless of personal bias on either a break or rejection of the 10K mark but again I do think this was too fast too soon. Lets hope and wait to see if the 10K will hold as a resistance turned support or if we fail at this one time breakout. We will have another chance if we fail and sooner or later, it will become a support to break IMO. Volatility this month is inevitable. I hope everyone trading these movements are smart with their risk management and do not FOMO into it ntil confirmation is verified. (currently $10,114)
Definitely organic price has been suppressed under 10k for weeks. Maybe sub 10k again once it taps 12k but i wouldn't sit around expecting it to let you back in lower
Crypto_Jakk
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@gtrox115, I'm not worried about getting in lower, I'm happy to see this although I cannot deny this was certainly not organic.. Movement like this does not happen naturally, slow rises to such level I would fully expect but within 1 hour?, I can't believe this was supposed to happen as and when it did. I expect a retracement, although I would be happy to continue pumping lol...we seem to have slowed down now but now we most certainly need another 'healthy' retracement to equalize the market stability (even though BTC is so volatile, that gain was something else man)
gtrox115
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@DarDaMonk, Yeah its possible we've now retraced to 10100 and I don't really want to see it drop lower. A lot of the time a rally will start with one of these big green dildos and never really retrace (i.e. April 18, July 18, April 19). The purpose is to trap bears in their shorts and force them to feed the rise when they close. I'm sure a ton of shorts were being stacked up while we hung around in the 9500 range. 20-100x'ers have been liquidated, but 15x(ish) and lower are still hanging on and I'm sure would like to see price come closer to their buy in. All depends on whether or not whales want to give them that opportunity/buy more themselves, or if bear whales can overpower them. Exciting times nonetheless!
@QuanLam, we just blasted through ALL resistance within 1hr lol, like Elon's rocket and then some.. I can only assume due to the speed and timing that it was a pump and dump. Possibly allowing more miners to take profit after capitulation, maybe CME volume buying is influencing this movement but I do not think this was organic, I believe it was manipulation although I am happy to see this happen we do now need the retracement back down to at least the pre 9800s or even $9700-ish mark as a trading range. I simply cannot believe what I have just witnessed lmao.
fullmax
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@DarDaMonk, the hash rate is going up looks like will see more pump after the miners sell off
Crypto_Jakk
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@fullmax, Buddy, I fully hope so although I am hoping for the downside before we do. To me, that would make sense more than to continue above the 10K resistance. 10.2 was the breakout target, then I had a 10.5/11K-ish mark for another upside, maybe 11.2. We did get to 10.4 before we wicked out. If we do head down I think it will be a slow drop, lets hope the 10K mark will hold as support... I would feel comfortable with a bi-daily close above and furthermore this weekly close above 10K. Currently, I have zilch lol but this week will tell I would imagine. The difficulty adjustment, along with the miners sell off would coincide right about now...In all honesty, TA ways, I got nothing :(