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RE: BCHUSD - Technical Analysis November 12, 2017 - Current Price $1700
That large spike in BCH where it touches the high point was pretty insane. Would love to know if anyone knows why that happened
I actaully had an open long trade at the time. It jumped up to over $2,700 very suddenly (on plus500) then back below $1,700 within 15 minutes.
I managed to close the trade while the price was dropping off the peak with around $90 profit. Selling at the top would have made close to $700.... anyway can't trade in the rear view mirror so I'm still happy to close a trade in the green :)
Still smart to lock it in. Volatility can often denote trend shift --- price fell cause demand did, volume climaxed on the 1 hour time frame at that point.
Ah so a very large buy must have spiked it up. Feel sorry for whoever paid those prices :)
I thought market depth must have been thin to let the price move so much so fast in both directions
It was a reversal sign, and I have since gone long regular BTC hoping that the price will start moving when Asia wakes up in a few hours and starts their trading week.
There are all kind of tactics that can be used to manipulate or drive if one has the capital to do it - not saying BCH was entirely manipulated, was exuberance as much as anything.
Buying above ask, selling below bid, spoofing, etc. all can make price defy gravity in either direction