BTC was hit with tether FUD yesterday, and broke some key daily supports. We quickly were oversold on the 5, 15, hourly, and 4 hour charts. The bounce that is playing out is not coming from any kind of climax, and is not like any prolonged bounce/reversal we have seen in this space in months. Due to the lack of volume I am very skeptical of the bulls here. We will need to see a 4 hour higher low and higher high over EMA resistances for any convincing proof of strength. Looking for a top of this bounce to be found this morning before some further consolidation. Loss of 15 min higher lows will likely indicate the top of the move is in for now.
Tether/Bitfinex news is more than just FUD. After what happened to BTC-e, this should not be taken lightly imho. Combine this with the recent 'break-up' with the auditor firm, we really need to be careful.
USDT is spread across many exchanges. The relationship is dynamic. CFTC has every right to intervene, even when Bitfinex is not serving US customers, as it is USD which is backing USDT. FBI has reaches at other places too.
You are absolutely right btw. There is no buy volume. Everyone is waiting to get their hands on 8k BTC now.
MuMPiTz
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thanks for the idea! can you update once it becomes more forseeable which direction BTC is heading?
He did just say the signal; once we are no longer making higher lows on the 15 min time frame
ctdeir
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Looking at supply/demand, we likely will bounce off of 10800 and fill the orders that weren't filled when the FUD hit. But like you said, with such low volume, I think the downtrend after hitting that level will be rapid.
coindesk.com/just-bad-news-crypto-coin-doesnt-mean-fud/
Tether/Bitfinex news is more than just FUD. After what happened to BTC-e, this should not be taken lightly imho. Combine this with the recent 'break-up' with the auditor firm, we really need to be careful.
USDT is spread across many exchanges. The relationship is dynamic. CFTC has every right to intervene, even when Bitfinex is not serving US customers, as it is USD which is backing USDT. FBI has reaches at other places too.
You are absolutely right btw. There is no buy volume. Everyone is waiting to get their hands on 8k BTC now.