ALWAYS BET ON BLACK - Update 30

MUSICAL CHAIRS - WHERE IS THE BTC??

BTW this was yesterdays report but the site was down so I am posting tonight!

I had a little bit of time yesterday to watch the alt-markets. ..

A selling wave hit BC and all of its clones, this may have shocked some of you BlackCoin supporters. This selling came on the already shaky market sentiment caused by continued threatening of the same old trolls, the dumping menaces from big holders, and the discovery that some BC lovers will get in bed with any other coins for a quick buck.

The selling wave started with WC, moved on to AC, then hit our beloved BC, and finished with CINNI. What caused all of this selling? This seemed like a coordinated sell-off by possibly the same person or a group of people.

After analyzing the charts I sniffed the BTC trail all the way to DRK.

A big sell-off in DRK from 60K to 47K seemed like the perfect opportunity for a big player to return his position in DRK to good standing, or to take a new position in DRK.

Here are two possible scenarios of this musical-chairs game :

1. One man’s garbage is another man’s treasure.

2. A desperate attempt form big whale to sustain high DRK prices so that he can distribute his huge position previously accumulated.

Important lesson learned. We are in a highly volatile market where a quick buck is the driving force from day-to-day price moves. A market filled with BTC maniacs filled with greed, adrenaline, that jump from one coin to the next in search for the fastest money return. Please note that some of these moves have nothing to do with long term coin fundamentals and they are willing to risk thousands of BTC in a shaky coin with shaky wallets in hope for a manipulated quick buck.

Here is proof of the pudding.  Note that if you add all of the selling volume it is approximately equal to the buy volume in DRK about 194 BTC.

Click on image for full size

Investor be aware of coins based on plagiarism without any fundamentals or a supporting community.

BTW here are some interesting moments in today’s yesterday’s markets:

138BTC buy wall

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Later we saw the 135BTC sell wall

Click on image for full size

Again be aware of these big displayed walls which can be used to make you buy or to sell when you should be doing the opposite.

Finally I am amazed at the strong support that BC has displayed for the last couple of weeks. There has been a lot of selling pressure and the buyers support is always there to take it all.

This type of accumulation could have been done at much lower prices but there has been so much buying support that the coin has barely moved given all of the selling pressure.

The price of BC will be ready to move up when:

1. All of the BC owners stop fighting and work together to take it to the next level.

or

2. New buyers come to the market who are willing to buy and hold rather then chase the next hot pump&dump coin.

I did not have time to watch the markets today but it seems that DRK is still game and sucking all BTC leaving other coins dangling from a thread.

Buy-Black

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May 14, 2014 by Comments are off 1967 viewson Technical Analysis by buy-black