Is BitSeven Rigged?

in #trading5 years ago (edited)

A while ago, I was trading with BitSeven and I saw this huge DUMP in the 5-min chart.

It was very quick; roughly over $150 dump, but was immediately countered by buyers. Or is it?

bitseven rigged1.PNG

When I double check it against another exchange like in Coinbase Pro... there was no dump happened in the same 5-min chart.

bitseven rigged2.PNG

Same thing with Binance, no dump at all.

bitseven rigged3.PNG

And same thing in Poloniex. Although I did see a huge volume of sellers around that same time. But its not as deep as in BitSeven that the registered low price for that false dump was 8,006.5 while its only 8158.75 in Poloniex.

bitseven rigged4.PNG

So clearly, there must have been some manipulations going on in BitSeven , right?

I love the BitSeven Platform that's why I need to give some justification about what has just happend.

Lets start with the userbase of each Exchanges...

Coinbase has the largest market currently at 22 Million total visits as of the time of this writing.

user 22m coinbase.PNG

And almost half that visit comes from the United States.

44percent coinbase us.PNG

Next is Binance, it has over 20 Million total visits as of the time of this writing.

user 20m binance.PNG

And the majority of visits still comes from the United States.

9percent binance us.PNG

Next is Poloniex which only has over 2 Million visits as of the time of this writing.

user 2m poloniex.PNG

And most of its users are from Russia currently at 20%.

19percent poloniex russia.PNG

Now, BitSeven has only less than 300Thousand visits as of the time of this writing.

user 200k bitseven.PNG

And most of its users are coming from the Philippines.

11percent bitseven pinoy.PNG

A little sidenote on this BitSeven traffic....

Just 3 months ago, Philippine users was no where to be found in the TOP 5 traffic. They are not even in the TOP 10 traffic at all in all major exchanges!

But when an unknown guy a.k.a "MagForex" started to evangelize the BitSeven platform in his YouTube channel, many Philippine traders started to notice this unknown platform.

So what has these got to do with the subject?

The point is that, Philippine traffic only exist in BitSeven platform and so there are groups of Philippine traders who manage to manipulate that 5-minute window of opportunity to snatch a quick buck out of the market.

The dump was so quick that the candle created this long wick, indicating a quick sell off by some local traders.

And because Philippine traders is so small that it has no effect at all in other major exchanges which are dominated by US traders.

So is this a good thing? or a bad thing?

Well, all markets are manipulated one way or another.

The key is to understand the market players and their sentiments and just go with the flow.

No one can beat the market. There are big players out there who will try to manipulate the market to suit their objectives, but no one really knows where the market wants to go next.

So as small time traders, we must plan our trades in order not to be stopped out by this temporary manipulations.

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Totally agree sir, big time or small time traders are free to trade in the market. For small time traders it is pure manipulations, which actually a legit trade for somebody who has huge resources enough to snatch a quick buck from small time traders. On the other side, what happened is simply telling the US market that crypto currency trading in the Phillipines is growing fast and it can now influence the US market in Bitseven exchange as manifested in a quick dump.

Well at least Philippine market start to grow slowly even by just an inch. Who knows this will be the start of something big to happen in the pinoy crypto enthusiast.

Totally agree! Temporary manipulations coming from these big players were really affecting our trades. So I believe that we, as traders, should always be alert and never be too confident. Market can change anytime. We must carefully plan our trades. Thank you for this mind-opening post!

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