Technical Analysis vs. Jokes: how crypto enthusiasts reacted to a sharp jump in bitcoin prices

Technical Analysis vs. Jokes: how crypto enthusiasts reacted to a sharp jump in bitcoin prices

Over the past 24 hours, the weighted average rate of Bitcoin managed to grow by 15% - up to $ 4,759.

“Does anyone know any news?” I was asked several times, but I, honestly, am guessing, ”one of the first to admit to Twitter was the CEO of Binance Changpen Zhao.

Many Reddit users started writing about the reasons for April Fools' jokes in crypto media and whales, as well as subsequent FOMO (loss of profits syndrome) by traders. For example, some publications wrote that Warren Buffett bought bitcoins, the SEC approved the ETF, and Kraken lined up a coin from McDonalds.

However, this idea was not supported by many. “Is this already fomo or not? And what if he never stops? ”- Anatoly Radchenko, United Traders managing partner, reasonably asked. And he added a bit of rationalism: “I recommend switching from the 5th charts to 1D and assess how long the road to the future is 😉”.

Altana Digital Currency Fund's top hedge fund manager Alistair Milne wrote ironically: “I don’t understand why Bitcoin went up.” He also attached a graph with a technical analysis indicating the trend reversal point of $ 4,200, which the first cryptocurrency passed.

At the same time, the account reporting the liquidation of shorts on the BitMEX exchange was simply broken from the flow of messages. In just a couple of hours, transactions for more than $ 500 million were liquidated on the stock exchange, and the volume of trading increased 3-fold compared with the previous day - to $ 3 billion.