Downtrend for BTC

Machairodont

Machairodont

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We just saw a massive Sell position in BTC. Course dropped down close to 40k, but recovered to 56k.

1637655284332.png

This doesn't look good for BTC, as such spikes (either up or down) very often later get confirmed by normal moving price action.
Also the order book on the down side looks very very thin compared to the upside one...

Be aware that we could see prices soon around 40k again, so if you still hold BTC, it's a good choice to go out now, and buy later again cheap.
 
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It's a glitch. I just checked CoinMarketCap, Coingecko and TradingView. None shows this.
And if it was true, it would be a good sign. It would have meant people immediately bought BTC as soon as it dropped.
 
R4v3nbl4ck said:
It's a glitch. I just checked CoinMarketCap, Coingecko and TradingView. None shows this.
And if it was true, it would be a good sign. It would have meant people immediately bought BTC as soon as it dropped.
Click to expand...
+ isn't that a "hammer head"
 
Machairodont said:
Course dropped down close to 40k, but recovered to 56k
Click to expand...

giphy.gif
 
Fat fingers?? That could be the reason. Looks to me like someone lost some chunk of cash. :D
 
R4v3nbl4ck said:
It's a glitch. I just checked CoinMarketCap, Coingecko and TradingView. None shows this.
And if it was true, it would be a good sign. It would have meant people immediately bought BTC as soon as it dropped.
Click to expand...

I don't know what "a glitch" means for you, but for me it means a bug in code. But this was for sure no bug.

Different exchange platforms have all their own order books (on the one I use you even can see a part of it on the right side).
If one bigger position is now executed on one exchange, it can clear out the order book substantially what brings the price down like it did.

But as the order books of other exchanges are still filled at "normal" price, arbitrage traders will bounce that up again,
the result is the "spike" that you see in the screenshot.

To see this as a "positive sign": I wouldn't do that, yeah the price bounced back up, but anyway a larger position was sold on that one exchange.

From my long time trading experience I can say that such signs get often confirmed at a later stage, so I repeat my warning about prices coming down.
 
Machairodont said:
We just saw a massive Sell position in BTC. Course dropped down close to 40k, but recovered to 56k.

View attachment 192802

This doesn't look good for BTC, as such spikes (either up or down) very often later get confirmed by normal moving price action.
Also the order book on the down side looks very very thin compared to the upside one...

Be aware that we could see prices soon around 40k again, so if you still hold BTC, it's a good choice to go out now, and buy later again cheap.
Click to expand...
The market is overbought so it will definitely be corrected
 
I would go with the glitch explanation, as BTC trade have not decreased dramatically, sure it hasn't for a few seconds which could cause this. Actually by the volume of BTC trading and usage I don't expect any decrease in the near feature, so i'll just keep mine for now :)
 
We have been in a downtrend for a week now.

Could do with some rocket fuel for our moon mission.
 
This downtrend does not bother an iota as I am still holding my Bitcoins ;)
 
breakcode said:
What does it mean?
Click to expand...
On the trading apps, you could sell your BTC for $1 if you wanted to. I know it sounds stupid, but I have seen spikes like this before due to selling btc for way less price than the market. Someone sold btc for $8k a few months earlier and was crying out loud on twitter. I would not be surprised if someone had done that again..

So... Fat finger means not using the app in the right way.
 
breakcode said:
What does it mean?
Click to expand...

The term comes from the fact that "fat fingers" can press two buttons on the keyboard at the same time.

The term is used to state an human error in the input of the price to buy/sell something, eg. you want to buy for 100, but you input 1009,
so your fat finger pressed not only zero on the last digit, but also hit the 9 beside it.

It actually has nothing to do with real fat fingers, but it's used as I already said as a term to state human input errors.
 
Gogol said:
On the trading apps, you could sell your BTC for $1 if you wanted to. I know it sounds stupid, but I have seen spikes like this before due to selling btc for way less price than the market. Someone sold btc for $8k a few months earlier and was crying out loud on twitter. I would not be surprised if someone had done that again..

So... Fat finger means not using the app in the right way.
Click to expand...
Machairodont said:
The term comes from the fact that "fat fingers" can press two buttons on the keyboard at the same time.

The term is used to state an human error in the input of the price to buy/sell something, eg. you want to buy for 100, but you input 1009,
so your fat finger pressed not only zero on the last digit, but also hit the 9 beside it.

It actually has nothing to do with real fat fingers, but it's used as I already said as a term to state human input errors.
Click to expand...
I undestood, thank you!
 
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