03-29-2022, 12:52 AM
Be cautious about the current upswing
<table> <tr><td> <a href="https://www.reddit.com/r/CryptoCurrency/comments/tqat4l/be_cautious_about_the_current_upswing/"> <img src="https://external-preview.redd.it/MykDHBmdl1Zx_QVCk4gqXXlt63yHIy9N2n1UXHbHCBg.jpg?width=640&crop=smart&auto=webp&s=03365a30a03390866795d8a73cd4be607fcd2ef2" alt="Be cautious about the current upswing" title="Be cautious about the current upswing" /> </a> </td><td> <!-- SC_OFF --><div class="md"><p>Hi cc!</p> <p>I noticed something interesting about the current upswing in the market. When you set the BTC/USD chart to a 5 minute interval, you can clearly see only one massive order (or batch of orders) within 5 minutes started this price hike.</p> <p>​</p> <p><a href="https://preview.redd.it/j0sbflvux4q81.png?width=1241&format=png&auto=webp&s=88d9bdd33fc6ee760e479237cca70ddbdc1699ad">One massive 5m candle</a></p> <p>It's reasonable to assume that only one whale was behind this and to me it's kinda frightening how one person or institution can move the whole market like that.</p> <p>So maybe when the price rises high enough we will see an opposite candle of the whale selling and taking a nice profit and the market will be where it started. Or this was just done to liquidate shorts. Either way I would not treat the current positive price development as a new market wide trend just yet.</p> <p>What do you guys think, am I being too paranoid?</p> <p>Edit: Link to the chart I used (you should be able to confirm that candle on any trading platform though): <a href="https://www.binance.com/en/trade/BTC_USDT?layout=pro&type=spot">https://www.binance.com/en/trade/BTC_USDT?layout=pro&type=spot</a></p> <p>Set time to 5m on the top left.</p> <p>Edit2: Because someone in the comments asked, here is the same 5 minute view around the time of the last ATH of 69k. This time the buys were spread out over ~45 minutes which looks a bit more (but not entirely) organic to me. But keep in mind: Getting near the 69k took days of upwards price movement before this spike.</p> <p>​</p> <p><a href="https://preview.redd.it/2oec7wi6b5q81.png?width=1229&format=png&auto=webp&s=d16163ea73d8f2f7e0a32bfe646bea1dbbb653ce">https://preview.redd.it/2oec7wi6b5q81.png?width=1229&format=png&auto=webp&s=d16163ea73d8f2f7e0a32bfe646bea1dbbb653ce</a></p> <p>Edit3: One of the commenters pointed out that this could be <a href="https://nitter.net/BTC_Archive/status/1508433143921102855?t=ikC7fnVDm9Xm9wq6Umn-4g&s=19">Terras purchase of BTC reserves</a>, though I'd assume such huge trades would be done OTC, a portion of it could have been done on exchanges, dunno.</p> <p><sup>PS: Sorry for destroying the hopium we all need right now.</sup></p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/WhiskasTheCat"> /u/WhiskasTheCat </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/tqat4l/be_cautious_about_the_current_upswing/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/tqat4l/be_cautious_about_the_current_upswing/">[comments]</a></span> </td></tr></table>Kind Regards R
<table> <tr><td> <a href="https://www.reddit.com/r/CryptoCurrency/comments/tqat4l/be_cautious_about_the_current_upswing/"> <img src="https://external-preview.redd.it/MykDHBmdl1Zx_QVCk4gqXXlt63yHIy9N2n1UXHbHCBg.jpg?width=640&crop=smart&auto=webp&s=03365a30a03390866795d8a73cd4be607fcd2ef2" alt="Be cautious about the current upswing" title="Be cautious about the current upswing" /> </a> </td><td> <!-- SC_OFF --><div class="md"><p>Hi cc!</p> <p>I noticed something interesting about the current upswing in the market. When you set the BTC/USD chart to a 5 minute interval, you can clearly see only one massive order (or batch of orders) within 5 minutes started this price hike.</p> <p>​</p> <p><a href="https://preview.redd.it/j0sbflvux4q81.png?width=1241&format=png&auto=webp&s=88d9bdd33fc6ee760e479237cca70ddbdc1699ad">One massive 5m candle</a></p> <p>It's reasonable to assume that only one whale was behind this and to me it's kinda frightening how one person or institution can move the whole market like that.</p> <p>So maybe when the price rises high enough we will see an opposite candle of the whale selling and taking a nice profit and the market will be where it started. Or this was just done to liquidate shorts. Either way I would not treat the current positive price development as a new market wide trend just yet.</p> <p>What do you guys think, am I being too paranoid?</p> <p>Edit: Link to the chart I used (you should be able to confirm that candle on any trading platform though): <a href="https://www.binance.com/en/trade/BTC_USDT?layout=pro&type=spot">https://www.binance.com/en/trade/BTC_USDT?layout=pro&type=spot</a></p> <p>Set time to 5m on the top left.</p> <p>Edit2: Because someone in the comments asked, here is the same 5 minute view around the time of the last ATH of 69k. This time the buys were spread out over ~45 minutes which looks a bit more (but not entirely) organic to me. But keep in mind: Getting near the 69k took days of upwards price movement before this spike.</p> <p>​</p> <p><a href="https://preview.redd.it/2oec7wi6b5q81.png?width=1229&format=png&auto=webp&s=d16163ea73d8f2f7e0a32bfe646bea1dbbb653ce">https://preview.redd.it/2oec7wi6b5q81.png?width=1229&format=png&auto=webp&s=d16163ea73d8f2f7e0a32bfe646bea1dbbb653ce</a></p> <p>Edit3: One of the commenters pointed out that this could be <a href="https://nitter.net/BTC_Archive/status/1508433143921102855?t=ikC7fnVDm9Xm9wq6Umn-4g&s=19">Terras purchase of BTC reserves</a>, though I'd assume such huge trades would be done OTC, a portion of it could have been done on exchanges, dunno.</p> <p><sup>PS: Sorry for destroying the hopium we all need right now.</sup></p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/WhiskasTheCat"> /u/WhiskasTheCat </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/tqat4l/be_cautious_about_the_current_upswing/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/tqat4l/be_cautious_about_the_current_upswing/">[comments]</a></span> </td></tr></table>Kind Regards R