Hi. Many people were surprised by the growth in the pair BTC/USDT, everything was going so beautifully at least to 19-18 thousand down. Where did this rally come from? From the panic caused by the situation with USDC, which in turn stems from the situation with Silicon Valley Bank. Voila! People wanted to get out of the USDC by any means, at any cost, with losses. In a moment the price reached $50,000!!! And that's a huge wick and that's it. That is, people were exiting bitcoin at a discount of 100%. Do you think this could mean real momentum? I'm sure the manipulators are still playing out the situation now, for those who don't get it...
Thanks for sharing your thoughts. I appreciate reading all your ideas.
AngelaCat
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Yes, that was a big joke at Binance, CZ has been active for a while, mostly like every time when he appears to dance around, we see a very chaotic market. Shameless people everywhere in a crazy market, especially on weekends and holidays. The collapse of Silicon Valley Bank led to strong concerns about the health of regional U.S. banks and caused heavy losses, especially among U.S. banks. We did see in short-term the oversold territory, we shall also see that investors remain very concerned that the SVB collapse could escalate further. Any signs that more banks after SVP, First Republic Bank and Signature Bank are near insolvency or on the verge of bankruptcy will lead to more panic selling. We can be ready to expect markets to remain concerned about tomorrow's U.S. CPI data. We currently see a severe dilemma where financial markets are in a lose-lose situation as concerns about the health of U.S. regional banks and further bank runs remain, while worries about stubborn inflation and central banks efforts to bring inflation down will continue to weigh on economic activity and thus corporate revenue growth. After the sharp losses in pre-market trading and in Europe, and ahead of tomorrow's U.S. CPI data, I don't think the real investors to return with confidence and instead expect further selling.
averkie_skila
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@AngelaCat, And I confess to waiting for you to start posting your reviews. "Who thinks clearly, speaks clearly", says the old proverb. You're doing just fine.
marktiu
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would you say this is what forex traders call a "wick fill"?
meaning, price will tend to gravitate towards the price of the wick
averkie_skila
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@marktiu, I can't say so, as this wick was caused by problems with a known bank that held some of the USDC stablecoin collateral. Therefore, this wick should not be considered in any such logic. There is no such wick on USD and USDT.