I have been keeping a eye on two things: Bitcoin trading volume and the USD margin funding loans volume at Bitfinex.
The USD volume at Bitfinex funding market provides a clear picture on how much money is available to pump-up the market by borrowing money.
In March, every time there was a pump, the price could rise more than $1K USD in less than 5 minutes. This is getting harder and harder to happen. Yesterday, the market once again saw an attempt to pump the price which failed miserably. More than 9K BTC were traded in less than 5 minutes and the price didn't even rise more than $100 USD. The risk just keeps getting higher and higher and traders aren't taking any chances, shorting were they can and when they can, to get their investment out.
This week, we saw an awesome amount of BTC being transferred into the Bitfinex market. Bitfinex Cold Wallet now shows more than 200K BTC available. True Hodlrs don't keep their coins in the market, so basically these are coins belonging either to Bitfinex or to traders who want to sell them eventually in the short run.
Since January, the market has tested the 6K level 4 times. The last two tests were able to easily breach the 6K level meaning it is no longer a support level. because of that, the market will now look to test the 5.8K level in the short term since. Adding the fact that there are 4 Lower High levels in play (arrows in yellow), this denounces the fact that more USDs are being extracted from the market than the ones being injected into the market.
There's also the fact that Tether has recently printed another fresh batch of 50 million USD tokens, which no one knows if they are actually backed by real USD.
Some traders are throwing ideas were Bitcoin will rocket to the moon this year, but the truth is, every time Bitcoin is pumped, so are all the other cryptos.
Professional Traders aren't looking for Bitcoin specifically. They are looking to the cryptomarket as a big cake and they want to eat the entire cake. The more USDs from the market they are able to extract, the better and once they are no longer able to keep their profits up... they will crash this market.
Prepare yourselves and keep a low investment risk. This is going to be a bloody Christmas.
The USD volume at Bitfinex funding market provides a clear picture on how much money is available to pump-up the market by borrowing money.
In March, every time there was a pump, the price could rise more than $1K USD in less than 5 minutes. This is getting harder and harder to happen. Yesterday, the market once again saw an attempt to pump the price which failed miserably. More than 9K BTC were traded in less than 5 minutes and the price didn't even rise more than $100 USD. The risk just keeps getting higher and higher and traders aren't taking any chances, shorting were they can and when they can, to get their investment out.
This week, we saw an awesome amount of BTC being transferred into the Bitfinex market. Bitfinex Cold Wallet now shows more than 200K BTC available. True Hodlrs don't keep their coins in the market, so basically these are coins belonging either to Bitfinex or to traders who want to sell them eventually in the short run.
Since January, the market has tested the 6K level 4 times. The last two tests were able to easily breach the 6K level meaning it is no longer a support level. because of that, the market will now look to test the 5.8K level in the short term since. Adding the fact that there are 4 Lower High levels in play (arrows in yellow), this denounces the fact that more USDs are being extracted from the market than the ones being injected into the market.
There's also the fact that Tether has recently printed another fresh batch of 50 million USD tokens, which no one knows if they are actually backed by real USD.
Some traders are throwing ideas were Bitcoin will rocket to the moon this year, but the truth is, every time Bitcoin is pumped, so are all the other cryptos.
Professional Traders aren't looking for Bitcoin specifically. They are looking to the cryptomarket as a big cake and they want to eat the entire cake. The more USDs from the market they are able to extract, the better and once they are no longer able to keep their profits up... they will crash this market.
Prepare yourselves and keep a low investment risk. This is going to be a bloody Christmas.