I have heard rumors that: "BTC will bounce off $6550." People who I have heard this from are implying that institutional money will come in at unprecedented levels at that price, starting the next major bull run. I tried to get more information out of them, however, "it was too illegal." After BTC did not show strength above the pivotal 7800 level, I am confident that it will get to $6550. I do not know when it will happen or if big money will be there to buy at that exact price, but it will be interesting to watch. As of now, the entire market is showing more and more weak signs. BTC has traded in a ~$400 channel in the past 10 days, unable to test $8,000. Also, 12 hour technical indicators are all very bearish. Bearish sell signal on the MACD looks like it will cross over soon, stochastic RSI is pointing downwards, and RSI looks to be heading south as well. I am completely out of the market. I even moved all assets back to USD because of tether's extremely low transparency, suspicious audits and the fact that I personally do not believe they have the amount of assets they claim. I am not going to risk losing all my money by holding it in USDT while I am out of the market when I can easily move it to USD. It is only a matter of time until tether is caught in their red handed scheme as crypto moves towards mass adoption and all fakeness is exposed. This is an extreme long shot, but if tether implodes anytime soon, it is bound to lead to an extreme market crash with overall the market cap reaching sub 100B. As more stable coins enter the market, such as True USD, more transparency will come and all investors will be more confident in the asset class. I am extremely bullish long term on crypto, but with all the technical warning signs present, I have learned from my mistakes and plan on buying back in at much better prices.
Comment:
BTC just cracked $6550. My new short term target is $6K, long term (4-6 weeks) is 4K.