The News Tell the miners started to sell, and therefore caused the drop, can you confirm that is visible in your data? I remember miners were quite for some time, is the reported selling a significant increase, candle, short lived, increasing or steady?
Only the Poolin mining pool sold in any quantity -- at times, as much as 1,300 BTC per day over previous history, which is not significant. Ant pool shows some elevated selling, too. Overall, add them with the other miners, doesn't have an impact.
Yes, we know Poolin miners shipped off a lot of bitcoin. That is not a trend overall among the mining community.
CryptoQuant has the data.
As an overall trend, miners sold A LOT in the first months of 2021. Since May-June they're selling a lot less than normal, very odd and unsettling.
Thanks Mark! Even though we've had some green numbers lately the market feels a bit.. unstable. I guess we're in the accumulation phase according to Wyckoff. That model seems to have been pretty accurate so far, inc predicting the recent dip. Is Wyckoff considered accurate enough to trade by? Where do you see the market going according to Wyckoff?
With my very basic TA skills, if it's not picture-perfect by-the-book trading pattern, I don't see it. And I don't see the Wyckoff, it's not a nice, neat fit to the template, but I am not savvy about trading, I can only follow the textbook patterns not slight variations.
Yes as with all patterns, you watch it unfold then set short/long positions and exits based on what the model suggests the outcome should be. You can trade any standard pattern, including Wyckoff.
I see the market ranging for a while. I'll have an update shortly comparing this to previous bull market consolidations.
Whoops, should say, keep up the scams.
The News Tell the miners started to sell, and therefore caused the drop, can you confirm that is visible in your data? I remember miners were quite for some time, is the reported selling a significant increase, candle, short lived, increasing or steady?
Only the Poolin mining pool sold in any quantity -- at times, as much as 1,300 BTC per day over previous history, which is not significant. Ant pool shows some elevated selling, too. Overall, add them with the other miners, doesn't have an impact.
Yes, we know Poolin miners shipped off a lot of bitcoin. That is not a trend overall among the mining community.
CryptoQuant has the data.
As an overall trend, miners sold A LOT in the first months of 2021. Since May-June they're selling a lot less than normal, very odd and unsettling.
Thanks Mark! Even though we've had some green numbers lately the market feels a bit.. unstable. I guess we're in the accumulation phase according to Wyckoff. That model seems to have been pretty accurate so far, inc predicting the recent dip. Is Wyckoff considered accurate enough to trade by? Where do you see the market going according to Wyckoff?
With my very basic TA skills, if it's not picture-perfect by-the-book trading pattern, I don't see it. And I don't see the Wyckoff, it's not a nice, neat fit to the template, but I am not savvy about trading, I can only follow the textbook patterns not slight variations.
Yes as with all patterns, you watch it unfold then set short/long positions and exits based on what the model suggests the outcome should be. You can trade any standard pattern, including Wyckoff.
I see the market ranging for a while. I'll have an update shortly comparing this to previous bull market consolidations.
Great looking forward to that update!
I am still not sure if I got all of your comment, acc to your plan the 2 indicators did not turn to sell, does that mean they failed ?
I probably also misinterpreted, and did not see you are joking 🙃
Yes bad joke, will not do that again
Ha. Took me a second longer than it should have to catch the sarcastic tone there.
You and everybody else 😕
Thanks Mark, glad to hear your illness passed. Please get up the scams.
Ha. Thanks!