@adam,
I know this is from bitmex, but there weekly analysis is usually pretty good. This time they evaluate the finex hack.
Everyone keeps telling me to be bullish, but I'm not feeling it. I'm surprised we recovered so quickly and thought we would have dumped back to low 500's.
Regardless, enclosed is article link;
https://blog.bitmex.com/youve-been-buttfinessed/Thoughts?
i agree, i was also expecting the market to drop, and i kinda still do, my cheep coin target is set at 520. but as always... unber bullish long term, bitfinex is but an exchange that may or may not succeed in the long run, it can only effect price for so long.
i'm going to read this later, busy as fuck today... HELL of a week...
We already experienced one flash drop to $465, and then a pretty significant recovery.
I suppose it is possible that before we go up, we are going to have to go down first, but such downward correction is not guaranteed because hovering in the $500s for more than a week may be sufficient downward opportunities to buy... "cheep coins."
i think generally when we see market drop that low and bounce back hard, there is *usually a "second wave" of selloffs ( no matter the circumstances )
but as bitmovements points out, its kinda looks like that second wave dumped, but there was a whale catching all the coins and not letting price drop.
see the charts on my latest bitmovements.altho, we did not see the same kind of "high volume low movement" action on coinbase or bitstamp...
I understand and recognize that in about the past year or so, a lot of folks had been gravitating towards Bitfinex as a leading indicator of price direction and moving away from Stamp... So now, Itbit is in the price setting scene?
I understand that price can be set in a variety of ways and through a variety of exchanges, but I really have difficulties considering how Itbit could come on the price setting scene so quickly when a lot of places don't even list their volume, so if you have to go out of your way to figure out information about them, then how could it be that they are influential in driving price direction?