The POC in this move down to 6k from 12k has now shifted downward to 6750. The overall shape of the volume profile has expanded compared to prior charts. The actual shape isn't cleanly identifiable - but with the auction moving the POC down it continues to signal sellers/shorts in control.
EOS Skyrocketing As they mentioned for the week: $EOS.X Up 50% $ATHN up 4% $NVDA up 2% $ARKG up 2% https://www.youtube.com/watch?v=kPSL7ezQWy4
Whoa, big spike here on no news. Possible short covering maybe? The chart was/is looking longer term bearish, its possible many shorts on margin getting hit.
Ya went looking for info, but appears to just be technical in nature. One thing is for sure - it helped my OSTK position that I sold today! LOL It broke out from the smaller POC (detailed in my previous charts) back inside of the long termed volume profile curve from 19,800 move down to 6,300. Likely a short term reversion back to the long term POC at 8,500. Honestly the volume on the day isn't that wild so I don't expect the long term prognosis to change.
They really did support the lows very well, this extra boost here gives the long some breathing room for now.
Bitcoin whales dump $100 million of digital currency in 24 hours Source: https://www.marketwatch.com/story/b...17?link=MW_widget_latestnews_stockaholics.net The price of bitcoin took a dive Tuesday, falling by more than $200 in under 20 minutes, a move that could have been the result of a single seller unloading a sizeable amount of the digital currency. The balance of wallet 3D2oetdNuZUqQHPJmcMDDHYoqkyNVsFk9r — an anonymous digital account which is valued at $1.49 billion — fell by 6,500 bitcoin Tuesday, with the average sale price sale being $8,146.70, a total value of just over $50 million, according to bitinfocharts. The sale comes a day after the third-largest wallet, which famously purchased over $400 million in bitcoin in February, let go of 6,600 bitcoin at an average price of $8,026. All told, the two whales dumped over $100 million of bitcoin within 24 hours.
Bitcoin is steadily climbing again signals that fear is not a dominant emotion among traders and investors any longer. Another important development is that the investment banking powerhouse Goldman Sachs will start trading Bitcoin futures using its own money.
Bitcoin price decline might have been caused by the negative sentiments of famous investors/entrepreneurs: Warren Buffett and Bill Gates. The billionaires' view of cryptocurrencies has an impact on retail investors. Gates was quick to comment that he would short bitcoin if he could.
Bitcoin pessimists claim that the cryptocurrency trades much like a commodity. Over the long-term, commodity prices move towards their marginal cost of production. Since the mining profits for Bitcoin will eventually fall to zero, miners will eventually stop producing, claim people who are pessimistic about Bitcoin. However, viewing Bitcoin as a commodity is incorrect. Miners provide a service, called transaction verification, that Bitcoin users critically depend on. So miners are not producers; they are laborers who perform a certain service.
An interesting argument, but the more people that insist that it is a store of wealth, the more it may happen. The question is if this volatility will eventually come down to the point were it is an actual store of wealth!
