I have read the comments here below and the first one already had the right answer :) But later that day i found out he is one of my VIP members who i have taught pretty well it seems.
Anyway, i was talking with someone while it was half way of it's drop around 1.7 i think and told him the following.
David,
Seen etp? I took look at it this weekend, wanted to do some volume research. Get some information of my theory, but already too late, even though it will probably make an even bigger dump coming weeks.
David,
My theory was in short, probably big bag holders pushed it up, trying to very slowly unload these high prices until volume would dry up. Squeezing short out of it the past months into their sell orders
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What do we see here, from the lows during hat Bitcoin rally in July of Bitcoin towards the 8500, this one was pushed up much more than others. I believe these big bag holders just threw in a lot of money in to all the short/sell orders that were already in the order book. Because they keep on buying and pushing the price higher, these shorts become a big loosing trade or even get liquidated. So these shorts become buy orders and the manipulators can start with selling their first amount of coins at these higher prices without pushing the price down.
Between the purple and blue we can that the shorts decreased a lot, probably at this point they were able to unload the most. Now as we all know, crypto market is a very emotional market, so as soon as a coin gets pumped, a lot of newbies start to buy as well, which is even extra fuel for them to unload their coins.
At the orange zone we can see that volume is very low and they easily pushed the price up to another high again. During this orange period we can see how the volume is slowly decreasing. So either they gave up because there was no more buying volume to sell into, or it was because Bitcoin broke that 6K level and thought they would not be able to hold it anymore.
Why i am convinced of this theory, it's because that low volume caused the price to drop back to it's starting point again. That yellow circle, where we can see one very nasty wick up (around 10%) even though Bitcoin was already in the dump mode.
You might think, why not short it if you know this would happen, wel to be honest i ignored this manipulated coin completely, i kept warning others as well. I only noticed the drop as mentioned above. Problem would be, even if i would short it (or my members), what do you think would happen? They would do the exact same thing and squeeze us out. Only thing that could work, would be a small position or shorting it during the drop.