Today I want to take a look at the BTCUSD by ByBit Crypto Exchange
As I said in a previous BTCUSD post , we formed a which we are likely to break up,
but it will be a false break.
It happened as I said, only grew stronger than I predicted
We can see - the crazy movement of $ 3,000 upwards and the crazy volumes that came from USDT ( trading around 60bln$ at this day) which have long-term problems with regulators.
The second news that many are discussing is Chinese president Xi support blockchain tech dev in China etc
Today the news came out
Chinese will launch digital currency called DCEP.
To be tested and onboarded with commercial banks first.
Therefore, many Chinese projects have made a move up.
and these media explained why the movement of bitcoin up.
But I want to say my opinion,
Such news is manipulative, like most news from china
But in the long run it will bring results.
Chinese blockchain projects did not stop working and continue to work regardless of the government statement.
When implemented for use is another question. And I won’t answer this question :)
But statistics show that
23rd of requests in Wechat
blckchain / bitcoin - 777k / 572k
the 25th of October
blckchain / bitcoin - 9.2 million / 1.3 million
I am sure that a lot of people will discuss about this news.
And this news will attract new players to the market. Since 1.4 billion live in China
And exchanges need to be prepared to withstand server overload due to the introduction of algorithmic bots and the arrival of new users that are increasing
on googletrends and tradingview requests
But at the same time, remembering December 2017, when everyone on TV said that "Bitcoin go to the moon" and that after what happened, you all know....
I still believe my previous analysis. After breaking through, we should gain a foothold over the support line.
or to test support in the area of 8600-8200. And for me this is now the main question
we are above these levels or not, but most likely we will continue to move inside the black triangle. There should be a correction, the market after this movement has not changed much.
So we will observe the situation.
More charts in the description
fear and greed index 54
My recomendation don't be greedy;)
Need close this gap