Topic: Back to $680. So obvious this is a pump. (Read 5613 times)

Disclaimer:  Playing devils advocate here.  And I hope im dead wrong.  

We're back to the peak of the last spike.   Right before the convenient fake bad news came out, and the price conveniently crashed.  All on FUD.

What bad news is going to come out this coming week to make the price crash again?  

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Genuine adoption and commerce don't make the price go up $250 in a week and a half.  That's got to be a pump.  Agree or disagree?

I used to argue with people who claimed BTC price was being manipulated.  

Then I learned through experience that BOTS, Fake news stories, and whales may be playing around a bit.

We can safely say Bitcoins actual value right now is about $450.   Is the rest just large holders making profits?

I wonder what announcement will go live next week to justify a crash, and make it look like "investor confidence was lost".  

Again - here's to me being very wrong!  

I disagree: It appears to me the ta's are trying to fit btc into their known tried and tested formulas. Some traders may well be buying and selling on that basis but I believe it is wrong. EW analysis has always been applied to single currencies or commodities as have support and resistance lines based on macd related to market volume. However btc is not one thing -it is many things acting together. There are many long term holders in my opinion that believe in the long term value of valuable numbers and these will form a base line of value well above many predicted retracement levels. At the same time there are many who have a psychological value in mind to take a profit that may or may not coincide with a resistance line but I have noticed these are too few to cause retracement as far as ta't predict. Adoption is gaining pace I think and there is a lot of positive news just now so I think we will see buying even at higher prices by those who view btc more as a commodity and look for longer term price maintenance over fiat. so some manipulation yes but not enough at this market cap to count as dumping because it is not in the interest of large holders to devalue their holding significantly. My belief is we will see steps up with small corrections to year end at around $1500-$2000 . Select your strategy on the aspect of btc that suits you and go for it. good luck!.  

-B-

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The Winklevoss twins for example reportedly own around 200'000 BTC?
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"Pumps" are mostly only possible with altcoins when you own a nice capital. To really "pump" the bitcoin, I think you should have lots and lots of money.. And, why should you?

Of course.

Price never moves in a straight line.  Markets don't work that way.

  Yes, we've to deal with some drops now and then, but we can't head to the top in one straight line right? That would be really weird and unrealistic. 
 

In principal I tend to agree with the graph 'as a whole'.

Also, it's uncanny how his hand was able to mimic nature so well there - almost as though he had a few drinks or something...

I just have to say that I lol'd at this. I know it's an actual guess, but I can't help but think you used paints drawing tool to do this.

I don't understand why people haven't seen that the trend is upwards over time, even with drops.

I'm kind of expecting something like this assuming the uptrend holds.

I love how so many on this sub forum that expect a "drastic correction" always put their buy-in targets at $80-100 below where the market will likely go.  And then they are left scratching their heads when that drastic of a correction never happens. 

I believe that the new ~600-ish support is going to be very tough to break now.

Indeed, I am watching the 530-550 zone closely for a base to take off to the moon from. We've been feeling overbought for several days, and may need to shake out some more weak hands before doing so.

Amen.

Conspiracy theorists are fun. People have always made up bullshit stories to explain things they don't understand. Thunder is because Thor is riding a wagon. That creaking upstairs has to be a ghost. And apparently every time someone loses out because they risked way too much of their own money in a f**king volatile market, it's because of some magical whale bot or something like that.

Once you learn that your losses are nobody's fault but your own, then you can start to improve. But not before. This applies to everything in life not just bitcoin.

I'm kind of expecting something like this assuming the uptrend holds.

It's called a thin market. I've followed some of your posts on here and I thought you would understand that. Look at the value of the inside spread on the S&P 500 Futures contract compared to the inside spread of bitstamp and it's a joke. We're talking many orders of magnitude different. It takes peanuts to move bitcoin around (comparatively speaking).

The rest of the comments in this thread tell me that most people on this forum haven't got the first clue about market dynamics.