If the fall of Bitcoin on Friday 26 was caused by the situation against the Bitfinex exchange and Tether, however, today’s growth was not backed by any significant fundamental factors. Moreover, yesterday Tether confirmed that 26 % of its USDT supply is not backed by fiat. Fortunately, the market just ignored this piece of news.
As we predicted yesterday, the market is still dominated by buyers, which is confirmed by today’s bullish candles.
Analyzing the 30-min chart, there is a formation of the Head and Shoulders pattern. Currently, the quotes are trading near their local maxima and about to finish the creation of the Head figure. After that, BTC is supposed to be corrected to the $5,230 mark.
However, the scenario remain positive for bitcoin and in a few days, the rate may be again near $5,400.
As we predicted yesterday, the market is still dominated by buyers, which is confirmed by today’s bullish candles.
Analyzing the 30-min chart, there is a formation of the Head and Shoulders pattern. Currently, the quotes are trading near their local maxima and about to finish the creation of the Head figure. After that, BTC is supposed to be corrected to the $5,230 mark.
However, the scenario remain positive for bitcoin and in a few days, the rate may be again near $5,400.
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