I never look at or share 5 minute charts, but I want to show you what happened when the SEC falsely tweeted that the ETFs were approved.
This is a head scratcher.
Bitcoin moved in a $3,200 range in under 10 minutes, up to $47,901 initially and then immediately down to $44,701.
Crazy town.
This was clearly a manipulated move, so I believe it is hard to extrapolate what will happen on a real approval. Someone hacked the SEC account in an effort to make money on this trade, so I do not expect the same price action on the real thing. Either way, it should be clear that you don't want to be anywhere near leverage when this news hits - it is still likely that both sides will get liquidated before the real move happens.
Be careful out there.
This is a head scratcher.
Bitcoin moved in a $3,200 range in under 10 minutes, up to $47,901 initially and then immediately down to $44,701.
Crazy town.
This was clearly a manipulated move, so I believe it is hard to extrapolate what will happen on a real approval. Someone hacked the SEC account in an effort to make money on this trade, so I do not expect the same price action on the real thing. Either way, it should be clear that you don't want to be anywhere near leverage when this news hits - it is still likely that both sides will get liquidated before the real move happens.
Be careful out there.
scott.melker@texaswestcapital.com