This will be a short post and the last post I make using Bitfinex as my data source. Firstly, it is clear that this pump is due to a serious sell-off in Tether and nothing more (probably). Although, this wick hit $7,700, it did not hold even $6,700 so it is a very weak move. This candle is not bullish. I understand it is large and green, but there is nothing to be taken seriously given the Tether factor.
I am not even trying to FUD here, in fact, my position is that I have been holding bitcoin for the past 20-ish days. Not only this, but I have said on multiple occasions that the bottom very well might be in and that we could have a rally. I just don't think this will be the cause of one. I will not be trading until I see that we are out of this no trade zone. Tether collapsing is not a reason to think all is back to normal.
I am out of the game for now and you should be too. At the very least, use a smaller fraction of your trading account. Use this time to think about improving your strategies.
Thank you for your wonderful analysis as always! Appreciate your work
Morning! Here's the Oct 16 analysis. In this I discuss the current PA being a stop before the drop | $5500 active | Bulls not defending strongly | Weekly unchanged: