Is BitSeven Rigged?

A while ago, I was trading with BitSeven and I saw this huge DUMP in the 5-min chart.

It was very quick; roughly over $150 dump, but was immediately countered by buyers. Or is it?

When I double check it against another exchange like in Coinbase Pro... there was no dump happened in the same 5-min chart.

Same thing with Binance, no dump at all.

And same thing in Poloniex. Although I did see a huge volume of sellers around that same time. But its not as deep as in BitSeven that the registered low price for that false dump was 8,006.5 while its only 8158.75 in Poloniex.

So clearly, there must have been some manipulations going on in BitSeven , right?

I love the BitSeven Platform that's why I need to give some justification about what has just happend.

Lets start with the userbase of each Exchanges...

Coinbase has the largest market currently at 22 Million total visits as of the time of this writing.

And almost half that visit comes from the United States.

Next is Binance, it has over 20 Million total visits as of the time of this writing.

And the majority of visits still comes from the United States.

Next is Poloniex which only has over 2 Million visits as of the time of this writing.

And most of its users are from Russia currently at 20%.

Now, BitSeven has only less than 300Thousand visits as of the time of this writing.

And most of its users are coming from the Philippines.

A little sidenote on this BitSeven traffic....

Just 3 months ago, Philippine users was no where to be found in the TOP 5 traffic. They are not even in the TOP 10 traffic at all in all major exchanges!

But when an unknown guy a.k.a "MagForex" started to evangelize the BitSeven platform in his YouTube channel, many Philippine traders started to notice this unknown platform.

So what has these got to do with the subject?

The point is that, Philippine traffic only exist in BitSeven platform and so there are groups of Philippine traders who manage to manipulate that 5-minute window of opportunity to snatch a quick buck out of the market.

The dump was so quick that the candle created this long wick, indicating a quick sell off by some local traders.

And because Philippine traders is so small that it has no effect at all in other major exchanges which are dominated by US traders.

So is this a good thing? or a bad thing?

Well, all markets are manipulated one way or another.

The key is to understand the market players and their sentiments and just go with the flow.

No one can beat the market. There are big players out there who will try to manipulate the market to suit their objectives, but no one really knows where the market wants to go next.

So as small time traders, we must plan our trades in order not to be stopped out by this temporary manipulations.