Bitcoin price manipulation at it’s finest, up and down 10% in a few hours
Here it is, the 13th edition of The FUD, where I talk about the biggest FUD of the week. I help clarify events that crypto twitter decides to escalate. Leggo.
This week we broke $10,000 and we all cheered, but before I could start writing this piece we were back at 9400, manipulation amirite?
Meanwhile, the world is literally collapsing, falling into chaos, riots, military in the streets, by the world I mean the US, and based on all these factors you can make a strong case with fundamental analysis as to why the S&P 500 is bullish is it has ever been.
The Joker Reenactment
If you have seen the movie you understand what I’m saying. The resemblance is astonishing. Look around you, riots, looting, war, unemployment, corruption… we think about it, we reflect on 2020, our hopes that this. year it will change, it’s a new decade, the start of a new page.
Everything begins to collapse, every month a new catastrophe, people are anxious, uncertain, and scared. But the is a light at the end of this tunnel, our governments will protect us, they will fix this, after all, why have we been paying taxes for all these years. Our protector will save us, they must.
The government begins to brrr and bail out the corporations, they give you $1000 to shut you up while reducing the value of your savings, essentially, giving you your own money, when you. begin to stand up after the police kill an innocent man in a blatant act of hate you protest.
You can’t get anywhere near Lafayette Park today since police expanded their perimeter. There are national guard and what look like federal corrections officers blocking 16th street, but about half these guys don’t have visible insignia or badges. pic.twitter.com/U1KtRnSpVj— Alejandro Alvarez (@aletweetsnews) June 3, 2020
The protest is met with aggression and exertion of martial power, you are in shock, I thought I lived in a free world. In disappointment you start getting angry, but rather than being met with compassion and understanding by the protector you are told by the protector “when the looting begins, the shooting begins”. It hurts, you are broken, betrayed, lost.
The Joker offers some wisdom “I used to think my life was a tragedy, but now I realize it’s a comedy” you know what he’s right. It truly is, as I sit in my chair and watch the world burn I smile, but then I remember something and I get scared.
The problem is the people finally stood up, but they have no idea what. they are standing for. We should not. be hurting ourselves rather showing our oppressors that we are free, we are one, we are united and you cannot break us down.
The point of all this is not to burn the world down rather punish the systematic corruption that led us here, the point is for us, the people to stand together and realize we have got each there’s back, we are safe because we have the power if at the end of it all we do is terrorize our own then we prove them right. We are savages and don’t deserve freedom.
People you need to identify the enemy and act. Do not be complacent, do not complain, find something to die for, without that you have nothing to live for.
Bitcoin fixes this
Of course no surprise, everyone wants to talk about the price of bitcoin now, i mean we broke 10k with some strong volume right?
Within minutes people were flooding twitter “we will never see it under 10k again”
Shit! $3k here we come… https://t.co/Pem0uvKuwk— Blackbeard (@crypto_blkbeard) June 2, 2020
Well of course you know it, Sentiment is the best trade indicator in my humble opinion, when the whole world agrees on something, it’s going the other way.
Within hours it crashed right back to where it started as if nothing had happened, ignoring technicals, resistance, trends, all of it, just up and down like nothing happened.
While this dump happened it was interesting to see how exchanges reacted, and since I left Bitmex and moved to another platform my position was safe. But if you were on Bitmex you would have seen the damage. While all exchanges dropped to roughly 9300, BitMEX decided to go to 8600, you know get a few more liquidations in.
The #btc chart on BitMEX is the definition of quant on quant crime. Arthur won’t let this go up to all time high until he has enough in the bag to take his wealth near Jeff Bezos at $100,000 per Bitcoin 🙂— Tyler (@TylerDurden) June 3, 2020
I think it’s time we boycott Bitmex, I was a massive fan of everything they do, but now they are purposely abusing their power, and we cannot stand for that. Their volume is already dropping I think they will be no more.
Bitcoin.. The one and only
Goldman Sachs decided to give their unwanted negative outlook on “cryptocurrency”. Well the one this partly due to the lack of education but once again we take a moment to wish harm on Roger and CSW.
Just to clarify, because I can fork bitcoin it does not mean I can create more bitcoin, it does not affect the supply of bitcoin. There is 21 million and that is all there will ever be no matter what we do. But let’s talk Alt coins.
People are still in denial that altcoins will trade to ZERO— Flood [BitMEX] (@ThinkingUSD) June 3, 2020
Personally I have always traded crypto with 1 philosophy, the purpose of altcoins is to make more bitcoin by flipping them on noobs. The majority of projects are vaporware and will eventually go to zero.
I know, you’re going to tell me how your coin is changing the way music is distributed, how people can access free decentralized internet. fools.
Oil killed the electric car. Don’t take this advice and expect it to play out rationally. https://t.co/aVhDNpdekS— Big Beta (@Big_Beta_Sensei) June 3, 2020
Since Bitcoin pumped this week and few alts had some runs a few people seem to be forgetting this. Glad to know the OGs still remember.
Whisky and Wicks this week was the best one yet, it was interesting understanding how a sophisticated trader trades vs a retail trader. A valuable lesson I was told. Stick to your plan, be happy with the consequences.
This week there is no chart, personally I believe we have gone Bullish, my bias has changed but i’m waiting for confidence. I see us going to $9750 before another leg down to $9200 and then a moon shot.
Alts have been doing exceptionally well and I have been flipping them hard to stack sats, just remember in these times, don’t fomo, don’t buy a green candle. If you missed it, find the next one. There are thousands of coins whose only purpose is to pump and dump for the smart money to make bitcoin. Find them.
Trading is a craft, a skill, it requires discipline, patience, instincts, courage and a bankroll. With appropriate risk management, you can make it, but invest the time into learning how. It pays off.
Hope you all enjoyed the update, follow me TheBitcoinaire and MineDigital on twitter and medium to stay updated on The FUD and Whisky & Wicks. For the best rates in Australia guaranteed use. Mine Digital. Mine Digital also has insured custody so don’t worry about your funds.
Please note this is not intended as financial advice. Always do your own research. The writer holds (and is biased towards) Bitcoin. The writer’s thoughts are his own and do not reflect those of Mine Digital.