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It's A Joke! (BULL TRAP)

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Avatar for Eybyoung
Written by   935
1 week ago

Crypto market has been very volatile nowadays, not knowing if the bull wants to run again or just bear trapping the bulls. If you are a newbie in crypto, watching your portfolio from time to time is a NO, NO, you'll have heart attack.

Yesterday, probably night time on our time zone crypto market was on pump and dump. It's funny how it happens in a span of few hours only. I wasn't even able to sell the amount of BCH I plan to sell to fund my upcoming birthday.

MicroStrategy Bought BTC again

The CEO of MicroStrategy who is Michael Saylor announced that they bought another Bitcoin worth almost $243 million.

The purchased of 5,050 BTC is amounting $242.9 million with an average price of $48,099 per coin.

As of September 12, 2021 the total stashed of MicroStrategy in BTC is 114, 042 Bitcoins that is worth $3.16 billion, with an average $27, 713 per Bitcoin.

Source: Bitcoin.com

After the news was released Bitcoin price spikes from $44k level to $46k+ level in just an hour, then dump hard as well after reaching $46,880 down yo $43, 370 all happen in a short span of time.

BCH PUMP AS WELL

Some of major coins pump as well like BCH from $600 level yo $661.30 then also dragged by BTC when it dumps back up to $591.4 per BCH. It was so sudden like a joke pump.

LTC FAKE NEWS PARTNERSHIP WITH WALMART

Litecoin official twitter account tweeted that they'll going to have partnership with Walmart that was released by Globenewswire. The tweet said that Walmart will accept crypto payments which is $LTC.

Then LTC had massive pump from $180+ level to $240 per coin, it was funny because Walmart denied the partnership and bring down LTC back to $180+ level again. The tweet was also deleted by Litecoin causing many traders who bought the news got rekt.

Source: cnbc.com

I got stuck-up trade with CAKE/USDT pair

While I on the other hand got stuck-up trade with CAKE/USDT pair in Stormgain, during the massive dump cake price drops to $18.75+ while my buying price was $19.51 I had -$6 good thing it didn't drop to my stop loss which is $16 or else the trade will be closed already.

As of now the trade is not yet close, but it's already in green. Hopefully at least if will reached $20-21 lol.

I am not closing yet as the 4hr Stochastic RSI is changing it's trend, I think I still have the chance to gain a little bit. But I know my weak hands ability I cannot hold it for long and I am always fvcked up right after I close position the coin will go to the moon. It's like it's only waiting for me to sell just like Wojak on Bogdanoff call meme lol.

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Closing Thoughts

This is why Margin trading is a risky game in crypto because it's very volatile in just a short span in time you'll win big time and you'll lose big time as well.

Before you jump in trading with leverage, always DYOR wanmilyon times, monitor your trade and be alert. Also read some crypto news for updates as it will reflect on price because some are buying and selling news..

This seems like a bull trap as many opened long position while some bears are just waiting to short at $46-47k level in BTC. As we all know BTC is dominating the crypto market when it has massive pump and dump, mostly altcoins will be dragged.

Pump and dump scheme in crypto nowadays is normal, caused by whales.

Thank you for reading!

Note: Original content unless revamp, sources are indicated for further details.

Date Published: September 14, 2021

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Avatar for Eybyoung
Written by   935
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Comments

It's a very volatile market, I'm still learning how to trade, I almost always get stuck, I take it as a learning experience, relax and wait for it to go up at any moment. I only invest the minimum for the moment

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1 week ago

Huhu ito talaga dapat pinapractice kong wag gawin eh. Yung palaging sinisilip yung wallet ko po huhu. Not a good idea. Ansakit sa heart eh

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1 week ago

It's a prank lng daw haha

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User's avatar Yen
1 week ago

Oo hahaha

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1 week ago

Yeah I stay away from trading, I don't have the time to keep checking so it's just a massive risk. Also it is bad for my heart...

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1 week ago

Hahaha yeah really bad for the heart 🤣💔

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1 week ago

Literally trading for me is one of the hardest things I have ever done in my life. It is not for everyone, that is clear. My heart slows down or speeds up, depending on the situation, as if I were having a heart attack. The few times I have tried, I have lost a good deal of money. I end up doing the opposite of logic, I buy when it is high, I sell when it is low, over and over again. It's definitely not my thing. Good article.

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1 week ago

Hirap na mka 20-21 ngayon sa SG. Sobra liit ng leverage. Cguro kung continues ang upward until the next day.

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1 week ago

Price nang cake yang $20-21 haha gusto ko nmn maliit lang leverage iwas burn.

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1 week ago

Oh shoot nag 591 pala si BCH kagabi? Pero grabidad si LTC ha, long red and green candlestick hahaha. It's really a joke lang pala kawawa naman ung nag enter. ilang million kaya ang naliquidate

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1 week ago

Oo umabot dyan 591 hahaha. Oo nga dami na nmn ma liquidate non malamang hahaha.

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1 week ago

Hahahaha wala kang nakasalang?

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1 week ago

Some of major altcoin pump as well

Altcoin is a term that BTC maximalists have made up. There are no altcoins, there are cryptos (including BTC).

$ 0.00
1 week ago

Yeah it's there term sir, hehe. I will edit it then. Thank you.

$ 0.00
1 week ago

The sudden dump and pump or vice versa of coins sometimes catch me off guard and not knowing what to do. I missed the pump of LTC though, I could have sold my holding when it reached $240, lol! I hope your trade at stormgain will result in profit soon :)

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1 week ago

Yeah I did not expect the pump of LTC too hahaha. It was really big pump and dump lol

$ 0.00
1 week ago

It's okay though, I guess I'll just keep hodling it :D

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1 week ago

Ang hirap po talaga kapag nasa crypto world po ano. Kahit po ba yung mga nag aral po about business kailangan pa din po nila sa pag aaral sa mga ganyan. Ako po sinubukan ko lang talaga yung sa may eben pero dina po ako bumili at nag stake ng iba after. Hodl nalang.

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1 week ago

Oo saka muna pasukan yung mga ganyan kung talagang naintindihan mo na hehe

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1 week ago

Awww that's me I always check my wallet every time because I can't take my mind off it All I know in crypto for now is BCH

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1 week ago

Nah, don't look at it every time if you don't need the money.

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1 week ago

I will try not to from now on

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1 week ago