ronfkingswanson
Short

anatomy of a chinese pump rally, long overdue for a correction

BTCE:BTCUSD   Bitcoin / U.S. Dollar
We finally had a small pullback from 544, but not nearly enough retracement or consolidation to support a continuation of this trend much further. The perfect periodic divisions of these rallies is causing so much anticipation that the bulls keep tripping over each other to be first in line, causing an acceleration of the rally attempts.

When a pattern becomes this predictable, it's doomed to fall apart under the weight of everyone expecting the same thing. Just needs the early smart money to decide to unload and we'll be back on the longer downtrend channels...

**UPDATE** I published this right before the 5th daily period was to begin, and right on schedule, just hours after the period divider, China delivers drama in the form of news from chbtc, okcoin, huobi, etc, all describing phone calls from major chinese banks saying they're going to close certain accounts. And there you have a textbook pump and dump, like we've seen in altcoins many times, but this time, pulling the whole BTC             market along by the noserings...

**UPDATE** see my followup in the continuation of this trend here
Great job.
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What r f. .. Bitstamp and Bitfinex led this rally !!
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mere hours after the start of the 5th daily period, the dump begins...
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Wow, mind blown! I had no idea these sorts of reads were even possible, thanks for the great chart!
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Could not agree more.
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Right on schedule, Huobi just happens to release a little bit of news about recharging accounts resuming. How coincidental!

Updated the chart with some big numbers
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