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Bitcoin Breakout

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Bitcoin is on a rip this morning in an attempt to break up out of the long term triangle pattern.

image.thumb.png.c65eb78515616c961f8b754b515dd04c.png

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A quick smack down as well. Doesn't look like a pump and dump either where you would expect to see a sudden huge single candle then a steady controlled sell off as the pumpers exit exchanging contracts with the FOMO'ers.

This was a steady growing ramp up then sudden huge selling like someone took the opportunity to get out big.

15 min chart.

image.thumb.png.c33cfbee6c274ea061a3bf1e2fd6da9b.png

 

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Thanks for this. It seems Cryptos are mainly blue at the moment but that long term downward bias is still there. It will be interesting to see how they react later on in the day and evening. 

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That was certainly short-lived. Which market(s) does IG use to set the price for BitCoin? The move here all the way up to 7340.80 was much higher than at say eToro which only got up to 6751.

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34 minutes ago, anders said:

That was certainly short-lived. Which market(s) does IG use to set the price for BitCoin? The move here all the way up to 7340.80 was much higher than at say eToro which only got up to 6751.

There is also a large difference in BTC price between IG and Plus500. Historically they were $40 apart, from this morning it’s more like $400-500 apart. Anyone know why?

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Seeing the usual wide range on the different exchanges,  the day high is between 6810 and 7788 for Bitfinex, GDAX and Kraken ...

bit2.thumb.PNG.65e844d8b0859796825eab532fcdf25d.PNG

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7 minutes ago, Caseynotes said:

Seeing the usual wide range on the different exchanges,  the day high is between 6810 and 7788 for Bitfinex, GDAX and Kraken ...

bit2.thumb.PNG.65e844d8b0859796825eab532fcdf25d.PNG

 

So is the explanation that IG, eToro and Plus 500 use a different set of exchanges to determine the price? I've not noticed such a wide divergence before.

(Helps me to understand the SEC's reluctance to allow ETFs when even respected players have such a variance on price.)

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