Massive volume entered the SPOT market - wait for the reaction because significant volume means someone bought a lot and sold a lot. We need to see who is more substantial.
unfo there is no dislike button in here; all video is BS. Big volume appeared because of wash trades on binance (that's why the price did not move significantly, compared to volume), who has 0 fees for trading BTC. After a few hours Binance realised what it did, and stopped BTC trading to count on VIP program.
This is what happened, credit for the explanation to Scott Melker's newsletter. BTW, your (everybody's) trading volume indicator means nothing for now:Immediately after Binance launched free trading on 13 Bitcoin pairs, the feature was abused and a massive amount of wash sales were dominating the order books. Wash trading is a tactic whales use to buy and sell large amounts of crypto solely to manipulate the order book. There isn’t a gain or loss when it’s done and it’s illegal in legacy markets. Volume on Binance spiked higher than the March 2020 crash and charting became effectively useless on the platform. CZ had a quick response to the incident and excluded certain users from the volume calculations, but that only helped a little. Unfortunately, the free Bitcoin trading may come to an end sooner than planned.
RockstarD12
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@mihaibrandi, he is a clown, just take his charts as humour . He's all over the place, has no continuity , low to mediocre trader at best