Bitcoin - A Pump & Dump?
I must say that the historical bitcoin graph looks like classic pump and dump 0_0
The pattern of pump and dump is huge spike, then fall, then second wave (a smaller one), fallowing total destruction.
Lets look at ChainCoin, well known pump and dump, and the HODL movement...
https://coinmarketcap.com/currencies/chaincoin/
Now look at Bitcoin 5 years
https://finance.yahoo.com/chart/BTC-USD
I hope it is not the case, yet from technical point of view...
Yes, the graphs look like each other, but I'm not so sure: maybe if BTC falls under $ 5000 or even $ 4000...
You never can be sure, yet I don't buy more BTC for now to see where the market settles down.
i think a lot of traders act now like you, the small fish and the big whale, bot ther are always miners and eraly birds wo have selled a lotof coins in last december, they are buying back no matter what the price is, if its 15 000 or 5 000 does matter but not for their decision to buy, cuz they sold at 16 000 or way above. and beacause everyone knows that there is no strategy to find out if this dip is the last and lowest dip many people buy early and we see a nice reversal and maybe another reversal - so maybe we can expect new highs of btc before 2020 ;)
I love the idea of cryptocurrencies, but one thing people on this market should know, it is virtually impossible to value it at any level... they could be 2 dollars of 50.000 dollars... and something better than bitcoin has already come, and something better then the next gen will also be created at some point...
That being said, cudos for the idea of getting us liberated from the central banks, that is absolutely not why most people were buying them as of late, though.
if it reaches $100, then I'll buy... if not, so be it!
Nice analysis
I was talking to my friends about bitcoin being a potential pump and dump the other day. There just seemed to be too much unwarranted hype around it. It felt fishy to me.
I'm resteeming this!
and chc had a nice comeback as well... maybe some.png)
miners reinvest