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RE: VERGE (XVG) Is Following Bitcoin (BTC)
Its not only Verge.
I understand the whole Big daddy Bitcoin thing but how does this happen.
Almost identical? Synchronised movement, how?
And this is only a few coins, its pretty much across the board.
Isn't the answer painfully, blindingly obvious?
These coins are all priced in Bitcoin, and Bitcoin went down hard.
What happens when the denominator of your value takes it on the chin? Derp.
Hey Vynl, to explain why, I think a majority of big players knew that Bitcoin was coming down, when it broke support, a crazy amount of traders (including me) sold EVERY COIN in their wallet to collect what was left.
You could call that Fear but I call it being greedy! We now have a chance to almost DOUBLE our BTC value If this correction ends in 9-8ks.
I firmly believe this is what the mega Bitcoin whales are doing at the moment, causing fear while staying greedy.
Just my opinion of course~
Bingo, you get it. That is exactly what is happening. So many weak hands losing their shit and calling their bosses asking for their day jobs back right now. "The sky is falling!" and "Haejin is a fraud!" lol.
Give it a month and we'll be staring new ATH's right in the face.
Yeah but have a look at the chart, theres up movement and sideways movement too. How did "everyone" all at the exact same time sell and buy every coin to make them all move in syncrinicity?
If every person holding these coins all had a huge phone conference call and agreed to all hit sell at the same time on every coin they have then all buy and hold for the same amount of time etc maybe you could get the charts to all look the same.
Do you get what im in about here? The lengths youd have to go to to get the charts to look identical would be outreageous and yet im seeing identical patterns across multiple coins. I still havent heard a convincing explanation how this happens. If its impossible for charts for different coins to all look identical moving upwards, its impossible for them to look identical coming down isnt it?
You are right. Noticed it also. It seems a lot of trading is done by bots / automated system. I am quite sure it is.
Bots. Plain and simple
Think of it as King Tide - and Bitcoin is the KING and The Tide
Well if thats the case we dont need to do any TA on any other coin, they should all mimic Bitcoin. But they don't so your analogy doesnt work. I understand how big an influence Bitcoin has but i cant get my head around how multiple coins move in sync like that.
Why havent i seen this happen before?
Why only on this correction?
@kimjongpoo is coming for you!!