So what exactly happened?

So what exactly happened?

Hype because of the canceled fork, then a session of taking profits?

Seems like a wash desu senpai

hey if BTC stays above 7k and the alts start pumping too, that's a win fucking win.

not happening boy, its going below 7k for sure. its revenge time.

Exit pump by insiders

bitfinex dumped more usdt

>whales slowly accumulate
>then push through stops
>Veeky Forumsraelis fomo buy
>whales dump their accumulated coins at inflated prices
#justwhalesthings

I hope it crashed down to 4k. It'll shake off the first wave of normies and be good for us long term.

Whale here. People probably were excited from the lack of uncertainty.

Ultimately this is pretty terrible long term. I sold 100 BTC for Bitcoin Cash just now. Probably will unload more over time.

Bitcoin will continue to pump short-mid-term as retard new money flows in as capital onramps are easiest with limited upside but it's a ticking timebomb now that no plausible scaling mechanisms are in place.

I expect within the next 3-6 months you'll see easier onramps for Bitcoin Cash, and it'll break into well above .1 BTC. Within 1-2 year I see a high potential for a flipping.

the spike was shorts getting liquidated as the market moved up initially on the news

There were huge sell walls which got obliterated in seconds. Whales who predict that the value is going to rise are winning.

>So what exactly happened?

The same thing that always happens. Anything that the majority of people on biz are accumulating takes a shit right before the big event is supposed to happen. The causes are different for each coin, but the result is always the same.

There are funds that are selling off their BCH holdings and coinbase users still haven't got theirs. Be patient and wait for them to push the price lower until they liquidated most of their holdings and selling pressure subsides.

>Investors bought
>Faggot traders dumped

Now that big boys are trading btc they do the same shit than forex.
Some news that should push price down means many people will short.
What they do is pump like crazy so the short get margin called, which means the short have to buy back, pushing the price even higher, and then they dump.

If you want to daytrade btc now you need to know about high volume speculative markets with huge leverage or you won't make it.

That pop up to 7888 was the result of a short squeeze. A lot of people were shorting betting on the fork causing uncertainty in the market. When the uncertainty was removed, some of them closed their shorts immediately, which caused a surge in demand. As the price got higher more and more short positions got margin called causing the price to rocket to 7888. When all of those shorts were decimated, the demand fell sharply to normal levels, so the rise couldn't be sustained. The fast fall in price scared some investors so they sold down to the 7000 before it stabilized.

Now that all major sell walls were blown up all the way to 7888 and all market uncertainty is removed, we'll probably see a real rise to $8000 in the next few days.

>days
at the rate the market is recovering it will get there by eod

Yeah, she's straight, just won't wait
Everybody likes my Rocket 7888

exactly this
hunting season is open

Larp. Shill shitcoin cash somewhere else.

How do I avoid getting buttfucked by Wall Street sharks

Where's the (((banker))) when you need him.

>larping

By becoming the whale.

Dont margin trade
dont short

Who else seeing the elliot waves. We are at wave 3 now