What the GOX?!
It's the return of the GOX nightmare that everyone had all but forgotten about. The BTC Yakuza (Mt.Gox trustee) definitely sliced the beef steaks of every "perfect" buy entry on the market as they dumped over 60000 BTC!
Interesting that they seem to stop after collecting a bit over $400 Million USD. This would satisfy their creditors. But the question remains: What will they do with the remaining 160K BTC?? I know what I'd do if I wanted to unload my bags...
If you analyze the Mt.Gox Trustee wallet, you'll find a correlation with market price drops as it seems the Trustee also relies on TA to time their bag unloading. With that FA detail in mind, I know what whale I'll follow as I long/short the market.
Now looking at the 4H chart from CEXIO, we can see that we have found some support around $8700, but I can easily see this continuing to drop to the 382 fib. Sell volume is still on the high side as public sentiment is rather low. the MACD shows that we are very clearly in bear country. I can see the sell wall (over 800BTC) continuing to move south as the price continues to plunge. I've already consolidated all my shitcoins into something more stable. Just need to short this bitch and be ready to switch to longs once the bottom is confirmed.
More interesting reading: Follow the Mt.Gox money trail
Good luck trading!
<<< For entertainment purposes only, this does NOT constitute financial advice. I'm not responsible for your losses and profits. Nor am I your investment advisor. >>>
Interesting that they seem to stop after collecting a bit over $400 Million USD. This would satisfy their creditors. But the question remains: What will they do with the remaining 160K BTC?? I know what I'd do if I wanted to unload my bags...
If you analyze the Mt.Gox Trustee wallet, you'll find a correlation with market price drops as it seems the Trustee also relies on TA to time their bag unloading. With that FA detail in mind, I know what whale I'll follow as I long/short the market.
Now looking at the 4H chart from CEXIO, we can see that we have found some support around $8700, but I can easily see this continuing to drop to the 382 fib. Sell volume is still on the high side as public sentiment is rather low. the MACD shows that we are very clearly in bear country. I can see the sell wall (over 800BTC) continuing to move south as the price continues to plunge. I've already consolidated all my shitcoins into something more stable. Just need to short this bitch and be ready to switch to longs once the bottom is confirmed.
More interesting reading: Follow the Mt.Gox money trail
Good luck trading!
<<< For entertainment purposes only, this does NOT constitute financial advice. I'm not responsible for your losses and profits. Nor am I your investment advisor. >>>
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