Bitcoin | Why Does It Keep Moving Down?
Bitcoin | Why Does It Keep Moving Down?
Hello everyone!
I am beginning this post with a question because many of us need to know why Bitcoin began to move down again?
Will it be only a normal correction or it will be the next bearish wave?
As you may have read in the media many U.S Hedge Funds are selling short Tether.
As we all know Tether(USDT) is one of the first and strongest stablecoins in the crypto market.
In my opinion Tether (USDT) is a strong pillar of the crypto market.
A stablecoin is used to:
1. USDT is used to create facilities in crypto transactions from (Fiat to Stablecoin and after that in Token)
2. The free funds are held in Stablecoin (USDT) until we find a good trading opportunity. So it is used to deposit funds.
3. You can use them to earn passive income.
“There has been a real spike in the interest from traditional hedge funds who are taking a look at tether and looking to short it,” Leon Marshall, Genesis’ head of institutional sales, told WSJ in an interview.
On Monday (June 27), Tether Chief Technology Officer Paolo Ardoino addressed the situation in a Twitter thread, accusing hedge funds of “trying to cause further panic on the market after TERRA/LUNA collapse.”
He added that it “really seemed from the beginning a coordinated attack, with a new wave of FUD , troll armies, clowns, etc… create enough pressure, in the billions, causing a ton of outflows to harm Tether liquidity and eventually buy back tokens at a much lower price.”
So all of this is creating the instability in BITCOIN right now and it can be the third catalyst for this year.
However, I hope it will not happen as the attack against stablecoins it is the worst thing that can happen to the crypto market.
Technical Analysis:
For the time being, the price is creating a bullish harmonic pattern.
I am expecting Bitcoin to react close to 18100 - 18500
From that area we can see bitcoin moving up again.
PS: IT is not good at all to add LONGS on Bitcoin as the situation it is not good at all and the market is in a panic situation.
In these situations, everything can happen.
Targets:
🎯 19517
🎯 20397
🎯 21712
Thank you and Good Luck!
Hello everyone!
I am beginning this post with a question because many of us need to know why Bitcoin began to move down again?
Will it be only a normal correction or it will be the next bearish wave?
As you may have read in the media many U.S Hedge Funds are selling short Tether.
As we all know Tether(USDT) is one of the first and strongest stablecoins in the crypto market.
In my opinion Tether (USDT) is a strong pillar of the crypto market.
A stablecoin is used to:
1. USDT is used to create facilities in crypto transactions from (Fiat to Stablecoin and after that in Token)
2. The free funds are held in Stablecoin (USDT) until we find a good trading opportunity. So it is used to deposit funds.
3. You can use them to earn passive income.
“There has been a real spike in the interest from traditional hedge funds who are taking a look at tether and looking to short it,” Leon Marshall, Genesis’ head of institutional sales, told WSJ in an interview.
On Monday (June 27), Tether Chief Technology Officer Paolo Ardoino addressed the situation in a Twitter thread, accusing hedge funds of “trying to cause further panic on the market after TERRA/LUNA collapse.”
He added that it “really seemed from the beginning a coordinated attack, with a new wave of FUD , troll armies, clowns, etc… create enough pressure, in the billions, causing a ton of outflows to harm Tether liquidity and eventually buy back tokens at a much lower price.”
So all of this is creating the instability in BITCOIN right now and it can be the third catalyst for this year.
However, I hope it will not happen as the attack against stablecoins it is the worst thing that can happen to the crypto market.
Technical Analysis:
For the time being, the price is creating a bullish harmonic pattern.
I am expecting Bitcoin to react close to 18100 - 18500
From that area we can see bitcoin moving up again.
PS: IT is not good at all to add LONGS on Bitcoin as the situation it is not good at all and the market is in a panic situation.
In these situations, everything can happen.
Targets:
🎯 19517
🎯 20397
🎯 21712
Thank you and Good Luck!
Comment:
Bitcoin | Both targets reached
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✅Personal Telegram
t.me/KlejdiCuni
✅YouTube
www.youtube.com/@TradingPuzzles
✅My FX Broker
bit.ly/49VySJF