ONLINE USERS AT POLONIEX BITCOIN PRICE correlation

in #bitcoin7 years ago

🐒 USERS ONLINE

🐒 ONLINE USERS AT POLONIEX BITCOIN PRICE correlation I started collecting data on online users at poloniex . I try to collect the data about the same time every day. I was thinking it would be interesting to see how the amount of users increase or decrease with the Bitcoin price .

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BLUE COLUMN = USERS CURRENTLY ONLINE AT POLONIEX AT TIME DATA WAS COLLECTED
RED LINE = BITCOIN PRICE AT THE TIME DATA WAS COLLECTED

SUMMARY

🐒 I may have isolated a possible chart pattern showing the possibility of Bitcoin rising in price . The pattern works like this when Polinex users ( Blue Column ) fall below 40,000 we can look for a rise in Btc price over the following 24hr . I have placed a Bitcoin symbol at bottom of chart to show when this has occurred. And this has happened now 3 times and so far it has worked 3 for 3 for BTC to rise in price over the next 24 hr's when users fall under 40,000.

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🐒 ONLINE USERS AT POLONIEX today 44,091

Interesting correlation ...i would explain it as follows :

  1. Due to issues in poloniex ..currencies that are suspended like steem, last week - people decide that poloniex is shit and decide to leave it and to move to a different exchange
  2. They convert all their altcoins to Bitcoin (buying a lot of bitcoins) and transfer the bitcoins elsewhere
    => as a result of many people buying bitcoins - the price goes up

Very interesting, perhaps would be nice too to try to add others big exchanges like Bitfinex, Bitstamp and coinbase for a more general perspective