Take a look @the 5 min btc chart regarding coinbase exchange on say, tradingview.com or what ever you use. Now zoom out a week or two. Get a bigger overview of whats happening on the week.
What I think I'm seeing regarding btc is,
on the regular for the past couple of weeks someone is actively whacking/hitting the bid every time some upward pressure gets going. Yes you could say that's trading but..... its really consistent and these patterns look professional to me and, it seems to be just enough selling to shake the tree. Then, once the selling stops the upward pressure starts again.
I could be wrong, but take a long look at the bid and ask on Gdax. Set it to dollar aggregation and then look at the 5 min chart. Someone or some entity sells to the bid like clockwork.
?? - but always just enough to shake the tree... not too much but just enough so slow the price down.
Its interesting.
And as I scratch my head pondering, on top of all.... I would surmise that due to thousands of people joining exchanges everyday (around the world no doubt) that the upward pressure on price should be ridiculous. Most people can't wait to buy! So once their account is funded they buy at what ever price btc is at. Most new to trading buy the ask - hence upward price pressure. There is no way that millions of people suddenly know how to trade correctly. nfw
so I ask myself: Who gains by slowing the rise of btc's price. I have theories but..... I don't think its linked to the futures but who knows. The Ball Street Squid is now at the party so......
And I'm aware that one reason charts look like this (during digestion/consolidation periods), is that many people who bought during the run up to 20k and are underwater just want their money back. So once they get close to break even they just sell in hopes of getting that money back. Sure that can be happening too, but my gut tells me that there is now a bit of price shenanigans happening.
Just a thought. What do you guys see?
