Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 11146. (Read 26728894 times)

Bitcoin Erupts As Short Positions Are Wiped Out
https://cryptobriefing.com/bitcoin-erupts-shorts-wiped/

So breaking 4,200 was it ? That's all we needed ?
5,500 at the end of the week ?



"Traders reacted to the news with cautious optimism. A few pundits suggested that the movement was led by bots, mistaking April Fool’s articles for real market sentiment.

In particular, Finance Magnates published a prank announcement that the SEC had approved Bitcoin ETFs, an issue which has sparked strong price reactions in the past. Some think this explains why Bitcoin seems to be leading the charge.

But the market move came sixteen hours after the FM story was published. If April Fool’s articles had had any discernible effect on the market, as some have said, algorithmic traders would have reacted far faster to the news. It would have been a matter of minutes, not a whole day.

George Harrap, the co-founder and CEO of Bitspark, believes it was probably a “natural move,” rather than a knee-jerk reaction by bots. Noting that Bitcoin is currently trading for $200 more on BitMEX than on conventional exchanges, Harrap suggests the movement was led by leveraged traders.

“This rules out any moves by local fiat exchanges or institutional influence,” Harrap wrote in an email. “It’s more of a natural move as compared with the price movements in 2018 where it seemed that too much was sold off.”
...
David Thomas, director of the crypto-brokerage firm GlobalBlock, argues that the price gained momentum due to technical trading. $4,200 was a “key level” for Bitcoin, he explained, one which it had been unable to break this year.

Short traders identified this level, and calibrated their positions to exit at that price.  When bitcoin broke past this morning, it triggered all the stops on short positions, removing resistance. This, Thomas believes, “exacerbated the move higher,” allowing Bitcoin to suddenly surge up to $4,800 within a relatively short space of time.
...
Thomas said some bullish traders are already predicting BTC at $5,500 as early as this coming week."

Yeeehaw, I had to refresh bitcoinity.org twice to believe this was real

What's next?

somewhere in the 100,000's

Thanks, cheers!  I still feel surprised when it actually happens. Probably be a trader if I could make calls in the other direction. Delusions and such.  

JJG: "Hold my beer."
JJG: "There!"

Wake up tomorrow and it is Apri Fool's day again with Bitcoin at $2800.

Rinse and repeat

... Life is like a box of chocolates ...

Hm. Wake up yesterday morning, KYC on Btalk.
Wake up this morning, bitcoin at 4800.

Is it April Fool's day again?
Am I in Groundhog day or something?

When page parity?

I wouldn't bet on me to be honest.

luckygenough56

and

yefi

https://twitter.com/jonrussell/status/1112955103021916160

yay tether fud is back. also parabolic trav

24777

21-04-2019 gentlemand
20-02-2020 romneymoney
18-12-2021 luckygenough56

12288

15-04-2019 Spaceman_Spiff_Original
20-06-2019 bitebits
13-12-2019 nikauforest
10-04-2020 yefi
05-09-2020 samson
23-06-2021 fortune143

favorites??

The less said about betting at this time the better.

There is another good news that SEC hiring crypto specialist which may work the make this green market. Really happy to see such a green market.

It is a wonderful bullish day!   

I got out of work and looked at my phone, loaded up coinbase app, looked at the price and thought my app was broken and had loaded an older date or something.

Bitcoin actually did it, it broke the resistance levels, the downtrend, set a higher high, etc.

A V8 is a beast

And Will update 24777 etc soon

anyway i might take some profit on my trading stash
at 5450