Blink and you may have missed it

So I was minding my one business, fumbling through my phone.

An aside:

Who would have thought that mobile phones would play such a major role in our day to day lives? It seems like yesterday when I had to walk to a phone box to call someone (at another phonebox). Do you remember those big red contraptions? And having to to pull the numbers in a circular motion to dial?

Instead of fumbling through apps, I use to fumble through my pockets for ten pence pieces. The noise the phone made when I was running out of credit. Those were the days... the days when I used a phone to actually phone people. Nowadays to actually call someone from your phone is anathema. What is the etiquette? Am I supposed to text before calling? Heaven forbid, I actually turn up at someone's house unannounced?

Anyway I digress

I think my phone has a mind of it's own because I didn't mean to open the Blockfolio app and I certainly didn't mean to open the charts for Bitcoin Cash.

Another aside

I hate cryptocurrency charts. I think they'll be a time when history will look back at all the so-called technical analysis and laugh. It will either say;

• all those people wasting their time studying charts, when it was 'obvious all along' that all they needed to do was hold on tight to destination moon!

Or

• all those people wasting their time with cryptocurrency, when it was 'obvious all along' that it was going to collapse into a pit of worthlessness!

Either way, looking for rational patterns in a sea of irrationality is futile. All I ever see/ hear when I read/ listen to technical analysis in crypto is hindsight bias, confirmation bias and survival bias.

Damn... I'm digressing a lot in this post, I'll get to the point eventually...

So I looked at the chart and for some reason it jumped out at me:

The long thin red wick...

Bitcoin Cash had crash from over $250 down to $34 and back up again.

While it's nice to have a free market, these centralised exchanges are just asking to be regulated unless they put safeguards in place to combat flash crashes. Particularly those that allow heavily leveraged margin trading.

Coinbase is already under investigation for the GDAX Ethereum-USD crash. Other exchanges could find themselves in a similar pickle!