"The technicals on this coin right now are abysmal. Go to bittrex and select the maximum time period. Like a lot of pump coins it looks like someone tried to use fake volume to create a technical pattern. It's laughable."
No volume is fake volume. By that statement alone you have disqualified yourself from even deserving a response.
By 'fake volume' I meant that it looked like someone had opened two accounts and was selling to themself or to a cohort.
Technical stuff is useful but when you have a small number of traders and a few people own a large chunk of the equity then it is not as useful.
What you are referring to is a "wash sale" which is traditionally used for other purposes. Creating volume by buying and selling to yourself may attract some attention to a market, say from those who watch for that sort of thing, but most people look for heavy volume along with directional price movement which indicates the market is either under accumulation or distribution. This coin is under accumulation.
Livermore:
"A stock which it is desired to distribute should be manipulated to the highest possible
point and then sold. I repeat this both because it is fundamental and because the public
apparently believes that the selling is all done at the top. Sometimes a stock gets
waterlogged, as it were; it doesn't go up. That is the time to sell. The price naturally will
go down on your selling rather further than you wish, but you can generally nurse it
back. As long as a stock that I am manipulating goes up on my buying I know I am all
hunky, and if need be I buy it with confidence and use my own money without fear
precisely as I would any other stock that acts the same way. It is the line of least
resistance. You remember my trading theories about that line, don't you? Well, when the
price line of least resistance is established I follow it, not because I am manipulating that
particular stock at that particular moment but because I am a stock operator at all times.
When my buying does not put the stock up I stop buying and then proceed to sell it
down; and that also is exactly what I would do with that same stock if I did not happen
to be manipulating it. The principal marketing of the stock, as you know, is done on the
way down. It is perfectly astonishing how much stock a man can get rid of on a decline.
I repeat that at no time during the manipulation do I forget to be a stock trader. My
problems as a manipulator, after all, are the same that confront me as an operator. All
manipulation comes to an end when the manipulator cannot make a stock do what he
wants it to do. When the stock you are manipulating doesn't act as it should, quit. Don't
argue with the tape. Do not seek to lure the profit back. Quit while the quitting is good
and cheap."Long and Strong