Topic: That is it. Bitcoin is totally unpredictable. This market is fake. - page 7. (Read 8670 times)

I don't understand why you are complaining. The reason why price "crashed" down to $300 is because there was a huge upmove that there was absolutely no support until the ~$300 area.

This move wasn't caused by a large group of shorts being squeezed it was caused by real money traders buying from the $250 area all the way up to $500. It had to pullback at some point.

If $300 breaks, then I would worry and complain.

Well, that alone, has proven to me that it is futile trying to read these markets, sure it might work, but market indicators and all the most meticulous TA in the world are like a straw fence standing against the steam roller of a whale's whim.

Had the whale who initiated that pump to $356 on Stamp earlier not immediately dumped right afterwards, then the market would be shooting up right now. The whole thing on Stamp was done within a couple of minutes, the pump, the dump, a pause, and then about 10 minutes later, the panic sell-offs, no doubt from the victims who had their Stop Buys activated in the channels above the consolidation triangle. The other markets all quickly followed suit, but stopped and paused on the dump, and then followed Stamp down on the panic sell off. Despite what any technical indicator points towards, all that is required to send this market hurtling in either direction is a whale to move in and pump, or dump, and these events tonight prove that beyond any reasonable doubt.

Where this market goes, is entirely down to the discretion of very few players, and that is not a comforting thought to any small time investor.

As if the 3 day pump to $500, and crash back down to $300 wasn't enough, this single action has emphatically underlined the fact for me that these markets are just not to be traded. People say that Forex is a feeding pool for sharks, but I bet you that nothing even close to the bullshit we see in Bitcoin happens on Forex...currency markets are just far too huge.

Or it's as true as can possibly be as there are no limits on how people can act. Either way it's not very helpful. The only thing that can sort it out properly is a tsunami of true demand. That's likely to continue to be scared away by the actions of the few.

This Bullshit aint the work of an aggregate market.

This is just a few players with the power to defy all time learned principles of market mechanics, in order to deprive the maximum of unsuspecting punters of their USD and Bitcoins, but mostly USD.

This market is fucked.