Crazy, it’s the one word I have that describes the current market for bitcoin.
I have been investing in Bitcoin since late 2014 and have never seen the continued acceleration like there is today December 7th, 2017.
There I wrote it. I finally have given into the belief that this latest run-up is not like any in the past.
First, it is an extended run. Starting on December 5th, there has been an increase pattern that looks very easy to predict. There have been brief drops in price but they have quickly been gobbled up by buyers. Often when watching I will see moments where the Buy and Sell have $100USD spreads. The buys are steady and constant and the big drops are volume driven, almost programatic.
Second, the buying patterns seem to be 24 hours a day which points to a structured buying pattern. Additionally, take a look at the volume of the highlighted candlestick and compare it to the one to the next red one. There is roughly a 50% instant buyback with in the following five minutes. The buyback is completely different on the 5th & 6th vs the 7th. It is almost as if the seller is “training” traders how to behave, if you know there is a jump right after the dump, you will get back in as fast as you can. This is 100% true until it is not… and you don’t want to be left holding the bag.
I’m very long crypto, but, this type of behavior is different than the past. I would not be supprised if we heard in a few weeks that a major fund/country/bank is taking a major position in BTC.