Can anyone translate? Two Google translates later, I still can't figure out what he means:


This is a tough spot we're in. Technically, bulls failed and retreated into the previous range = bearish. I thought maybe his wave down to $6K was happening. On the other hand, I'm cautious to get too bearish, lest we end up doing a move like late April where the dump turned into sideways and we resumed the uptrend.

Why did you give him the incomplete translation?

extasie, the master also said to buy the dip if the $8,000 level doesn't hold. Hahaha.

Ehm... I suppose you are joking..

new post:
my translate:

I saw this on Twitter. Blue line is volume in USD, green line is volume in USDT. Is Tether/Bitfinex leading the rally again? Or do large USDT hodlers know something bad is about to happen to Tether?

Bitfinex's wallet continues to be drained, https://bitinfocharts.com/bitcoin/address/3D2oetdNuZUqQHPJmcMDDHYoqkyNVsFk9r



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and yet outstanding shorts keep rising and rising. it's a beautiful thing---after every little dip, bears just keep piling them on!

so supply on the exchange is lessening; the ask side is getting thinner. meanwhile the rising shorts are building up huge buy pressure (because the shorts eventually need to be closed). looks like bitfinex is gonna drive spot prices upwards yet again.

Thanks for clarification! Who knows.. only Bitfinex/Tether owners could know for sure; the rest are just assumptions in the best case. You can trust your assumptions only if you feel they are really your own, not influenced by outside taking "prophets". Most influential folks on Twitter and elsewhere just spread disinformation (causing FUD/FOMO) to fulfill their own goals, or are doing paid job for those who want to spread disinformation (causing FUD/FOMO). One of the best lessons learned on the internet - never trust info on the internet, unless it comes from a person you personally have reasons to trust - and such persons could be very few, and they cannot be too popular, as "popular" nowadays automatically means "involved in manipulation".
Ok, those are just my random thoughts

And.. I believe, the first rally of the year technically was not a rally by itself - it was just a inevitable wave of a whole EW wave structure - there just should have been one, and it would have happened with or without Bitfinex influence.

I agree with drays. Maybe a catalyst, but not the cause. It would have happened either way.

This price action indicates much larger demand than just an exodus from Tether/Bitfinex. The premium between Bitfinex and the rest of the market closed quite quickly. Much of the time, Bitfinex price has actually remained below exchanges like Bitstamp and Coinbase, suggesting there is real FOMO at play and not just Tether/Bitfinex panic.

The cause was excess demand and diminished supply. Period.

The question is whether it would have happened without a catalyst like Bitfinex insolvency panic driving fiat/USDT holders into BTC. I am asserting that yes, it would have happened either way. It may have taken longer, but eventually the excess demand we're seeing would have absorbed all supply at lower levels and began the uptrend anyway.

We see huge price moves without fundamental catalysts all the time. That's why most traders prefer TA to FA. With TA, supply and demand is reflected in the charts whether or not you pay attention to the news.


I'm not sure what that means without more context. Maybe they mean Tether is propping up the altcoin market via Tether printing or something.