Bitmex Closes for maintenance, Shorts close and BTC rallies $250 in 7 minutes

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Bitmex Closes for maintenance, Shorts close and BTC rallies $250 in 7 minutes

Posted on August 20th, 2018 in Bitcoin News by Dave Brang

The power of leveraged trading and Bitmex on BTC price movements in times of low volume

Only moments after ICNN tweets of the potential for BTC to break the week long resistance level, when Bitmex closed it's site for maintenance due to the high volume of open short positions, Bitcoin realized a $250 price rally in only 7 minutes. 

Though in times of high volume and bullish trending market momentum, Bitmex has negligible influence over market direction overall, in times of indecisive low volume like that seen at the time. Bitmex closed for their 30 minute server performance upgrade is a soberingly different situation. 

After being alerted to the maintenance when ICNN anounced the fundamental conditions on twitter, I for one closed my short in expectation of this situation.

Safe trading everyone! 

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