This might be a huge trap, this might be a bull run cycle start. Wait and see for some safety, something is looking very wrong. Zero proof of a new bull run cycle yet. What we had (this large daily green candle) is nothing more than an algorithm festival, with Bitfinex Btc value going very high due to Tether going very low, and other exchanges algos tried to follow the flow, with less succes for the Usd pegged exchanges. Beware for now this is a zero day trade zone.
Tether is making BTC to be more unstable. It will go back to normal after people that got out of Tether go back to it or sell btc for fiat. People still think BTC is expensive. This is the psychology of a descending triangle.
I wouldn't buy or sell atm. It seems daily RSI is turning down again. Let's see what happens.
P3t3ris
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Exactly my thoughts too @Andbcoin Not much room to grow unless volume picks up remarkably over a longer period, which is very unlikely given how nervous everybody is.
Reminds Tether talks in back in january
Andbcoin
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@P3t3ris, Yeah! It was going down before, without enough volume to go up. Where will it go now when everybody sees big red candles appearing again? The drop can be HUGE this time!
Bag holders selling, Tether users selling... I don't want to imagine it but it will be beautiful to see without any position open :)
TheAlphaTrades
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Thanks for your work!
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:
I wouldn't buy or sell atm. It seems daily RSI is turning down again. Let's see what happens.