Please guys use caution here, this is most likely a major bull trap...People on twitter already calling for 8k to be busted, this kind of emotionaly volatility is not helpful, we are still on a low volume pump which has potential to be dangerous. If we get volume coming back in and we continue to go up it could be a bullish sign...however I am betting we get volume to the down side.
Please note acutal fiat dollars rolling into this market is not high...instead it is exchanges defending 6k with tether. Either way, use caution and trade wisely.
Red Boar
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2 more fiat only exchanges
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Here is bitmex
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Coinbase 15 minute chart
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.optimally a break down from red trend line on a large red volume candle would give us ideal short entry...utnil then just waiting...i relaly wanted to short the retest 0f 7100 since it was on such terrible terrivle 15 and 30 minute volume but I did not have the gumbo in my veins to do it....I am still scared of the bart candles I can not lie...like a beat dog i am always looking out for that next beating hehe...anyways...I would be in profit now if I had shorted the top like my gut told me BUT we are not out of the woods yet.... this thing could still break out on good volume for a run at 7500....hoping for red volume breakdown to enter short....all the best guys
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Finex lower highs on volume continues...how much longer can it last>?
I agree. Nice use of data. People see when Tethers enter the system, and at that moment recognize the potential scam pump, but then when Tether exchanges pump exactly as expected, those same people somehow still turn bullish anyway. Greed is a powerful emotion. Traders should focus more on fiat-based exchanges. If Coinbase looks bad, don't enter.
TEXAGG22
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@Brandson, nice analysis Brandson and thank you for the comment
SnekTrade
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Pump on tether waiting for fiat buyers to step in , once the fiat buyers are buying sell your tether bought coins for real money. Rinse and repeat.
TEXAGG22
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@tlewis334, sonds about right
dRends35
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Great post.
TEXAGG22
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@dRends35, appreciate it man, my posts have maybe been sub par lately i don't know, not alot of people interested...maybe i am too bear hehe lol i just call them like i see them :) thank you for your kindness
dRends35
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@TEXAGG22, Some of the best traders here get little upvote and plenty of trolls, and vice versa. A bearish perspective will be less and less popular with 'traders' that just want to know they bought the bottom and their moonship has arrived.