Is the BTC pump being used as cover for the movement of stolen funds? Watch for the drop!
3h from trading view

Is the BTC pump being used as cover for the movement of stolen funds? Watch for the drop!

By mekhiMKL | The Layperson's Crypto | 27 Jul 2020


It's 1:16 PM CT on July 27th, 2020 as I write this - BTC is approaching the 11000 test - but it seems the bullish pressure is dissipating. 

WhaleAlert also picked up 10 transactions of stolen funds tracked to the Bitfinex Hack of 2016 being moved all within the last two hours. Perhaps they are hoping that the "bitcoin pump" will draw attention aware from their movements - or maybe they are doing more than hoping. 

The last three transactions of stolen funds, via whale alert twitter

There were huge increases of volume around the two largest pumps. Now, at 1:26PM it looks like BTC is beginning to drop. Bearish pressure seems to be building, and trading volume falling, but the bulls aren't giving up completely. Now at 1:48PM it seems to be rebounding. 

6h care of CB

Historically, there's been a trend of some big BTC moves happening around 12PM EST. 

Looks like it's time to make some hard decisions about your BTC holdings. Long or short positions both carry degrees of risk, and your choices are entirely your own. Please do not interpret this as investing or trading advice. This is merely observations about market trends. Only you can decide when to get our or stay in. 

What I often do is decide for myself what minimum price I am willing to sell at if things start going south, and use coinwink to alert me if things fall beneath a certain threshold a little above that. Then I can look at the markets in that moment and make the decision for myself. Stop-loss orders can be helpful in case of a flash crash, but you can also end up prematurely exiting a position due to volatility. 

It could rebound again, or we might see further downward action. Only time will tell, but there are a lot of good options for actions to take as the scenario becomes clearer. 

 

 

 



The Layperson's Crypto
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