I am very bearish in the near-term. A whale has pretty obviously set up a bid wall that is so substantial that it shouldn't be breached or tested in order to sell off his holdings in front of that wall at an artificially inflated price. However, even with that market manipulation, the wall was tested and broken leading the whale to establish a wall twice the size now. Moreover, even with what is visually an insurmountable wall, the price has nonetheless stagnated -- we normally get a pop when we know it looks like there is a floor on the market.
Thing is, there was never anything to indicate that. On the first dump, the bids had been sitting there for days, then were immediately replaced
at spread. This means they absolutely weren't fake, as shown by the second dump and subsequent refilling of the bids.... This guy is accumulating and has no interest in selling for pennies gain. He is trying to turn the market singlehandedly -- whether he will succeed, I don't know. But with Huobi's liquidity and volume, that would be the place to do it.
If he keeps this up, sellers will get exhausted. And important to note, the total lack of ask depth near spread in combination with the bid walls, means a lot of bears are caught out of position. And Huobi has margin too -- who knows how many of those sells into 3600 (and slightly below) were shorts?
