Very short TF, just looking at levels at where whalechad was filling up his hidden orders on the 15th on BitFinex. (Green lines)
Absorbed a lot of BTC and not sure what to make of this; seems like a bad idea to accumulate this way. Some possible scenarios:
-Wash trading by selling into their own hidden walls with other people's shorts too (maybe) <<< -Whalechad pressuring shorters trying to defend their positions on margin (look at BTCUSD SHORTS -- quite squeezable) to gauge response. <<< -Filling up shorts by propping price? seems like a bad idea given how much btc was absorbed
The question is whether this is accumulation or distribution: I'm personally leaning towards accumulation given the current levels at yearly lows. While I don't think we're at a true bullish reversal of BTC or at the bottom of this bear market, playing the upside seems to be a better bet. I personally find the first 2 scenarios more likely.
My position is currently slightly net short on bitmex with multiple call options on deribit, with further orders down to 6100 that if filled, will result in being net long on both bitmex and deribit. Invalidation point will likely be 5800~5900 for longs.
From what I can see on my charts, we will need to go up a bit (maybe $6,900) for "they" to drag more dumb money in and then drop it to approximately $5,350...maybe this is the bottom????.
Many are saying a drop to around the $3,000, but I just can't see this as happening.Its to far "under cost".
TradePod
⋅
@jamie4111, thats pretty cool. I'm currently betting on a short squeeze from all these margin shorters either capitulating or covering their positions to take us up before maybe true bottom
jamie4111
⋅
@TradePod, I'm in a trade at the moment and just keeping an eye on it, could be a fast 22% :)
Dontbethatguy
⋅
how do you know whalechad was the one behind those? it was impressive.
TradePod
⋅
@Dontbethatguy, idk who (((they))) actually are lel. Those hidden orders absorbed an impressive amount of sells though
Transactions
c7e29bee49ae747713fc75acabcb33612b17463f710d08cb410feabed82b6f07
mined Aug 15, 2018 11:35:20 PM
18000.64281195 BTC
3BMEXqGpG4FxBA1KWhRFufXfSTRgzfDBhJ
5000 BTC (U)
39HtpgpJUAWvTD3tdDTyE3HTZNnR7YkaXf
13000.6423119 BTC (U)
3BMEXqGpG4FxBA1KWhRFufXfSTRgzfDBhJ
Fee: 0.00050005 BTC
211 Confirmations 18000.6423119 BTC
From what I can see on my charts, we will need to go up a bit (maybe $6,900) for "they" to drag more dumb money in and then drop it to approximately $5,350...maybe this is the bottom????.
Many are saying a drop to around the $3,000, but I just can't see this as happening.Its to far "under cost".