3 days ago we saw a huge pump in bitcoin price making a move from $6200 to $6800. This is exciting to some, but in reality it's just a pump and dump bot trade.

I've tried swing trading crypto before, and I've learned that I'm too human to be good at it. These markets chop sideways for extended periods of time and run the stops in both directions in the middle of the night

For those of you chasing price, this big price movement in Bitcoin is likely just the bots running stops. There are algorithms out there that see when there are a large number of people anticipating a price movement upward, push the price up through those stop levels, and collect the loot by pushing the price back down.

This happens all the time on Wallstreet and this market is no different.

For those of you holding long term, this price movement is irrelevant.

But if you are chasing price and swing trading Bitcoin, be careful. Because the algorithms trading this market can take your lunch in the middle of the night.

Oh the joy of 24 hour markets!

Thanks for stopping by!