Hi folks,
I believe that when we look at the recent so-called 'Bull Run' for Bitcoin that everything does not feel quite right.
For example, since we had the spike (or large pump) around the 12th of this month as can be seen on the 1 Hr chart below, there has not been a healthy correction which is making me nervous.
(Source: Chart Generated by Trading View, Data from Bitfinex BTC/USD)
This represents a rise from $6,800 to around $9,400 continuously for just under a fortnight without a decent retracement, which cannot be natural.
If we zoom into the 30-minute window, we can see these pump and dumps lasting for 24 hours with a short-term upwards trend that continues for 48 hrs. Again not a natural pattern.
(Source: Chart Generated by Trading View, Data from Bitfinex BTC/USD)
If there is manipulation going on to create FOMO to boost BTC prices and then create a possible dump then I suspect it could happen this Friday the 27th April or Wednesday the 2nd of May as they are CME Bitcoin Futures last trade and settlement days respectively (http://www.cmegroup.com/trading/equity-index/us-index/bitcoin_product_calendar_futures.html).
Whatever is going on, they seem to have broken key resistance levels, and we could be looking at reaching the next significant resistance level of around £11,500 if this 'Bull Run' gains considerable traction in the next few days......
Your thoughts on this matter would be most welcome!
Best Regards
@Shenobie