I usually don't pay too much mind to all the discussion of "whale" manipulation etc, but current activity certainly looks like whale accumulation and distribution to me. Particularly from the big push we had from the 8.6k to 9.2k range that came out of nowhere, during a time where volume had fallen off a cliff.
What has continued since then is steady accumulation and distribution. You can see the distribution phases in yellow above. It will be interesting to see if this cycle will see us go beyond 10k or if we're going to drop back at some point after the current distribution phase (which is where I think we are now). I reckon we'll range for a bit longer between 9.9k and $9,720 ish until the next major move.
* This is not financial advice or trading advice. This is analysis and personal opinion used for educational purposes and discussion.
Komen
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Just to add, I'm not bothering looking at trend lines right now, the way this is moving is just not worth it, especially with these pumps we're getting. Instead I'm trying to look at volume and anticipate when the next move might come, although it's hard to tell whether we'll pump or dump.
@CryptoBuzzAnalyst, yeah, it was very strange, volume was dropping off a cliff, most thought we'd be going down, and then it just took off. On top of this, BitMex just conveniently goes down too, and a whole bunch of traders were liquidated without access to the interface. I've heard some people saying it was a hunt to liquidate some shorts, but I just think it was a coordinated long position + pump.
Hard to say at the end of the day, there may be indicators that show this was an organic spike, but the charts are all over the shop right now to me.
CryptoBuzzAnalyst
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@milchek, I doubt it was organic. Im getting out at 9830