Bitcoin is a crazy market! It shows unreal upward movement supported by fundamental news. Bitcoin futures will be a good tool for big companies willing to invest in crypto and we should be ready to see new highs in this year. In spite of the market overbought, Bitcoin returns to the upward movement very quickly after quick pullbacks. We still have not seen a good correction movement which could give us good entry levels for new long trades. Of course it's not easy to stay away from the market which runs upward. But one of the main things in trading - it's proper trading. Buying in the overbought markets, it's not a smart idea. Yes, this time the market shows the power, but the next time it will drop as it should be. Now we have to wait for any pullbacks on lower timeframes and use them for building long positions. The market is overbought on all timeframes and it has great potential for falling to the previous support levels and lines. We have to take it into consideration every time when we think about opening new long trades. That's why we should not invest too much in this crazy market. Bitcoin can be stopped and reversed at any round numbers - 16 000, 17 000 or may be 20 000 levels. As for good entry zones, they will be at SMAs with periods 20 and 50. If Bitcoin starts falling, 10 000.00 level supported by SMA20 will be the 1st reversal zone for proper buying. Will we see such correction movement or the market will never return to 10 000.00 level? I don't know. Let's watch for this market and search for good trading opportunities. This is my trading idea based on the current market conditions. And what do you think about Bitcoin now? Please, share your thoughts in comments.
P.S. I just share with you my thoughts. I don't ask you to follow my trading ideas if you are not sure in them. You have to do your own market research, because only you will be responsible for any trading and investing decisions.
- Bitfinex trades approx 40% of the worlds bitcoin.
- Tether was created by bitfinex as a means of purchasing BTC with USD (or alts)
- Tether has grown from a million to 800 or 900 million MC within 12 months and refuses to be audited.
- They claim tether is backed 1:1 by USD yet refuse to prove it.
- People cannot withdraw cash into a bank account as no bank wants to deal with Bitfinex anymore.
- Tether can be generated electronically at will by Bitfinex.
So we have a potentially fictitious currency that can be printed at will, underpinning 40% global BTC demand during an explosion of price from $1,000 - $17,0000
....What could go wrong?
LPP_LLC
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@elblinko, That's propaganda. Look at BTC.USDT and BTC.USD, this entire run was USD focus driven.
elblinko
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@LPP_LLC, can you be a little more clearer on what you mean?
monolith_seeker
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@LPP_LLC, where can we check if the money used to buy btc was usdt or usd .. if u look at coinmarketcap, bitfinex buying is shown only in usd ... how is that possible that on bitfinex none of the trade is in usdt?
monolith_seeker
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@monolith_seeker, do they mean tether when they say USD on their website?
@elblinko, Even assuming tether is a scam, that does not change the fact that people are WILLING to shell out that much in actual dollars. Even if the price has been bid up artificially with tether, or through the more routine manipulation that goes on in all financial markets, the vast majority of real buyers are willing to pay this price. A 40% crash is coming, whether or not tether is a scam, and then it will recover back to these levels, eventually, whether or not tether is a scam.
I agree that Tether smells rotten though, Where do they come up with enough USD to cover market cap gains of 10%, 20%, even 30% a day? Unless the Fed is behind Tether no one can conjure that many dollars out of thin air. Perhaps with the futures markets coming online, there should be a strategy for hedging that would be workable. But what about for the last month?
- Bitfinex trades approx 40% of the worlds bitcoin.
- Tether was created by bitfinex as a means of purchasing BTC with USD (or alts)
- Tether has grown from a million to 800 or 900 million MC within 12 months and refuses to be audited.
- They claim tether is backed 1:1 by USD yet refuse to prove it.
- People cannot withdraw cash into a bank account as no bank wants to deal with Bitfinex anymore.
- Tether can be generated electronically at will by Bitfinex.
So we have a potentially fictitious currency that can be printed at will, underpinning 40% global BTC demand during an explosion of price from $1,000 - $17,0000
....What could go wrong?