Hello all. So as we all see by now DOGE is pumping. The reason being supposedly the listing on Coinbase, although historically whenever a coin got listed on CB, it dumped the next day.
Anyway, im looking at the charts now, trying to figure out what's happening.
And i think i see a trap.
Bear with me. As we all know altcoins move wherever and whenever Bitcoin moves, independently of their own movement. DOGE had been dragging along its support line for some days now. Whoever's been selling all this time, somebody's buying. (Edit: Although i have a feeling most trading was bot trading these past days) Today, it bust out back into previous levels that we had before the end of this run *but still doesnt break any significant resistance line* to indicate that this is somehow an extraordinary movement.
So the mechanics of the trap: DOGE has been pumped hard today. Not a hard thing to pull off in a cooling down market though. It's seemingly back at 42-44 cents. In the event that Bitcoin bumps back into the 44s (a thing im expecting), DOGE would seemingly have another rise of around 20% in the USDT pairing. All this time, the perfect opportunity exists for a prepared party to keep dumping their coins while the price that most check, the DOGE-USDT pair, keeps going up.
Now i understand that this scenario has hard restrictions that need to play out but as quoted by Dave "The markets dont move, they are being moved" and i dont see any other reason for a major pump during a FUD period, other than a trap.
What are your thoughts?
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