First off, I want to start looking at fundamentals. A 7,000 Bitcoin hack - no reaction to the price, Tether lawsuit threatening the entire price of Bitcoin - a minuscule reaction. There have been thoughts as to why the Bitcoin price has gone up to the levels it has without a problem through 6k, which took more than 8 attempts to break in 2018. Many people say, 'Oh well the bull-run must've started and if I don't get in now, then we will miss it!' this sentiment, is the one you want to counter trade. Tether has no proof of its assets, and the volume has quadrupled since the drop in November, meaning Tether is moving the price, NOT USD. This could mean that exchanges are pushing the price up to get a long term short squeeze, and to get interest flowing into crypto again, because Bitfinex as it is, is in trouble already. But I also want to talk about the technicals, like this huge parallel channel that I originally mentioned in October of last year, which has obviously played a crucial role in large pivots of the bitcoin price. I have marked all the spots where reactions were obvious.
Now I also want to talk about the USD volume, which has been amazing low for this 'bull market' we have had the past 2 weeks. The volume on the USD pair has been consistently lower than the November volume , confirming that the price is indeed being moved by USDT, not USD. This is very important because it could mean that Tether is manipulating the market, and buying up Bitcoin to spark interest into crypto again. The WXYXZ pattern is still in tact, and Z would place us in 2200-1800 range. I am still confident that we have not hit the bottom yet, and will continue to believe this until we see true volme on USD pairs, and proof of funds from Tether.
Overall, I wish you good luck on your trades, and a Happy Mother's Day!
-Trader Demo
Now I also want to talk about the USD volume, which has been amazing low for this 'bull market' we have had the past 2 weeks. The volume on the USD pair has been consistently lower than the November volume , confirming that the price is indeed being moved by USDT, not USD. This is very important because it could mean that Tether is manipulating the market, and buying up Bitcoin to spark interest into crypto again. The WXYXZ pattern is still in tact, and Z would place us in 2200-1800 range. I am still confident that we have not hit the bottom yet, and will continue to believe this until we see true volme on USD pairs, and proof of funds from Tether.
Overall, I wish you good luck on your trades, and a Happy Mother's Day!
-Trader Demo