Bitcoin Correction = Manipulation?
Hi there, guys. Welcome back through the cryptovest with me, your host, Chris Coney another reminder, now, the bindis is back running can offer you this full free over one hundred ninety nine dollars is up to you is my line goals on how to trade cryptocurrencies entitled crypto exchange mastery in getting for free by completing a simple twenty four hour challenge. If you succeed in the twenty four hour challenge you get to keep the goals for free forever. He fail you lose access to the goals after twenty four hours until he pay the hundred ninety nine dollars to buy it. Some people have already failed the challenged started yesterday and the vest, if they can still access the course well he go to the website. Crypto asset. Don't school submit a support ticket by the help desk and just tell me that you really, really want to take the goals, I might give you a discount coupon or something like that. But now on with the show annoyingly the short trade setup that I described in detail yesterday would have gone perfectly well, right after this break down below seventy six hundred we ran all the way down and passed. Six thousand eight hundred fifty I think we had a low of six thousand six hundred. So this is why I said that the plan was the titan of the stop loss as we approached each prophet target level. The fest profit target was sixty eight thirty. Now, this trade would have got stopped out as then bitcoin went back up, again, in the same one hour, KENDALL boots the stop loss, that would have Buddha, titled the stop moss as approach to that sixty eight thirty level, and we would go stopped out as difficult prophet about ten percent in fact, and that was without leverage. So if you had ten times, leverage on that would be doubling my money, right? So he'll be question is did I double my money? No. Because this happened on the three AM KENDALL UK? I'm when I was asleep. And before you say, yes, I could have automated this trade with orders. There's no way I'm doing that though. Not when the market is volatile right? I want to be listening to what Mr. market is saying in real time. So I can manage the trade very, very carefully, especially if the price is going open an account, a trend trading, which is shorting when the prices go. That's that's where you're gonna be really on the bowl. So while that trade planet, described yesterday would've gone. Well based on technical analysis the may very well be an external factor at play here. Now, I've gone through the news articles that came out over the last twenty four hours and I've only been able to find one story or one news outlet reporting on this, which is bitcoin, est dot com. So they've published this article cold bitcoin price flash crashes to six point one k his the likely reason why. So what did they report reporting here is the five thousand BTC was sold on bit Stemp in the hours of this morning Friday, the seventeenth of may. So what do we think about this? I know that to sell five thousand BTC at six thousand two hundred would have ripped through the orderbook, right and took the price all the way down. Now that order would have been filled at various prices. So is the market price was seven thousand eight hundred at the time when you would was placed, well, it would have been filled in as the price went down. Now, the whole dynamic of how that works that's explained in the crypto exchange mastery. So check that out just assume for a second that all was filled at the low price. Let's say the entire five thousand BTC was filled at six thousand two hundred dollars. That's still that you will million dollars worth of bitcoin. And when you have them, which bitcoin to sell, it's very rare that you would sell it on a public exchange like bit Stemp specially dooney in one go, because there's so much slippage right in the price that you get for the cell. It also says that this wasn't a single like mock order, it says, on the flip side, looking at the job forbid stamp, the dump academy of retention twelve minute period, while orders were being. Continually executed consecutively at lower levels, so that's, that's interesting. Those kinds of quantities five thousand bitcoin one billion dollars with bitcoin. That's usually, the realm of the over the counter market with a broker that happens in private. So having established that, that this should have been a not see trade. We're left with the question of, whether it was one a intentionally trying to manipulate the market to a fat finger era, where basics when click the wrong button. All three an automated trading bought the glitched now. I don't buy the fat finger everything especially since it wasn't just one big market order. He says Ayla actually new new settlers came in consecutively over a ten minute period that looks intentional to me. So that's the fat finger era. Discounted in my opinion, the, the glitch of a training ball. Maybe because that would be why you do on an exchange. You need an exchange to have an API via bought. Talk to how I've still doesn't gel, quite well, one held. You have five thousand bitcoin on bit stamp. Right. So you might do, but it just seems it seems unlikely to me in a why not try to TC. So if you've got answer to like other explanations for this that I'm not seen posted in the comments or tweet at me at Chris Coney, t the of this, that's just an intentional manipulation is related to short-selling of bitcoin. So if a manipulator opened a lodge short position with leverage on bit mix will then it makes sense to then don't allow a bitcoin on a public exchange to spike, the price down and then create a round of panic selling because you, you have to start the snowball and as it begins to roll the masses takeover in the panic, selling and momentum gets going so when that happens as the price tumbles that leveraged short trade that you had prepared and ready and open a bit mix should mold to make up the bitcoin that was dumped on the public exchange. Now, if you knew the bitcoin was going to go down. Will you would open a short trade, wouldn't you? Right. And if you knew the big home is gonna go down. Because you had the ability to cause it to go down. You would open a short position with big leverage. Right. So this is one of the features, fortunately, or unfortunately, of a truly free market. That's unregulated anything goes and anything is allowed to happen. The other potential intention behind this may well have been to cool off the rally that we've seen recently as long as the price kept rising, everyone was happy to keep jumping in no one really wanted to think about the price going down pulling back. So by creating a shop drop all of a sudden, it may will bring cautioned back to the Mark is everyone's old wakes up from the drunken haze. And goes. Yeah, the, the price can go down for go by that. So in terms of where we go from here than what I can observe on the one. Our job is this. We're still under the two hundred today. So the two hundred EMA one hour shot. So is the two hundred our exponential moving average the, the actual breakdown below the support seventy six hundred that happened on the three AM candle and it closed onto that level fest on that happened in full since we boast, up above it, like I was saying yesterday about the resistance eighty two hundred we had several false breakouts to the upside boot's when he came to the downside, support seventy six hundred it was tested twice and held didn't go outside of it. So when this three candle yesterday closed below seventy six hundred that was the first time that happened since we go inside that consolidation area. But then following that was the big old massive volume dump. That took it all the way down to six thousand six hundred now that one hour KENDALL closed. Below the two hundred our exponential moving average, and since then, no KENDALL since then on the one hour shot has managed to close above. It's the, the some this some real push against it. But no closes on the one hour above the two hundred may so that could be a sign that we're going to continue in downtrend, but for now ally can say is I'm going to keep listening to misdemeanor and pay careful attention to his mood because this is this is a real bullet out-priced moving right here. So that's all good for you today, and tens of analysis one final reminder, get over to the Lincoln, the description, because you can get this course, for free offer one hundred ninety nine dollars. If you wish is my online calls, cold is not called how trae cryptocurrencies that's what it will teach you to do is cold. Crypto exchanged mastery thing you can get it for free just by completing a very simple twenty four hour challenge. You NTN an Email you get access to the coast for twenty four hours. And then you've got twenty four hours to complete the challenge. If you succeed you get to keep the. The coast for free forever. If you fail us access to the course until you pay the hundred nine dollars to buy it. So click the link in the description to participate in this, like I said, some people have already failed this challenge. I lost yesterday is now been about twenty four hours and some people forty failed. But they've emailed me saying this that one I have access to it. So if you if you go to the website, crypto assets dot school. Click on the help desk and support ticket and just say Krispies, I really wanna exist goes, I like give out some discount, coupons to a select few. So let me know what you think today's episode in the comments or on Twitter. It's at Chris Coney international, but is all go for you today. I'll be back with the next episode of the cryptovest. So until then it's me, Chris Coney saying bye for now.