Who is pulling who is a question with a moving answer, but observers would have noticed something yesterday when bitcoin briefly rose above $9,000.
It started first with eth, arguably, which somewhat excited went off to almost greet $180, but a bit scared of that line, went back down again.
So close, but as you’d expect bears tried to scare off bulls, so we have a mini U and some stability.
The problem with this stability is that it was occurring while bitcoin finally took the courage to jump over $9,000.
A big green jump there conveniently while Europe was
singing in the clubs of London asleep, followed by no eth movement.
So what, who cares about eth right? Well, the bots of course, and their dum maxi controllers.
You might have noticed we’ve pointed out the times above, in London time of course, and that’s not without reason.
That’s because we have at 2PM the eth recent high and its ratio recent high. As it happens the ratio was at that big clean 2 number. Esoteric emotion filled humans being humans, uuuu big 2 can’t just, let’s backtrack a bit.
And so eth sits just under 2 until at 1PM bitcoin jumps, with eth’s ratio dropping as can be seen above in that big red candle that completes a bart.
Eth’s USD price, therefore, did not follow bitcoin up even as bitcoin waited and waited. So bitcoin moved down with the eth ratio moving even further down.
We’d like to create a theory here, but there isn’t much basis because the price fall was at 11 AM, so the ratio had kind of fallen by then anyway.
Yet maxis being maxis they might have been a bit angery about this 2 line crossing so maybe some bear just slapped the pond to send scared bulls scattering.
There are suggestions some $20 million or more may have been market sold at 11 AM today, so since it’s a nice sunny Sunday we can maybe just say obvious manipulation is obvious.
But, the behavior was perhaps to be expected because eth was not crossing the line and without that to push up bitcoin, it too probably didn’t have anywhere to go.
So a shakeout is probably for the best as timid bulls get scared by the sound of firecrackers.