Tether breaking out vs Bitcoin

Dec 21, 2017

BTCUSDT could be in for a sustained decline as USDTBTC is breaking out to the upside. I have moved my accounts to 100% USDT (except for my long-term BTC holdings in cold storage) for the time being. However, that could change at any moment depending on market conditions.

At the same time, EETHUSDT and LLTCUSDT are also breaking down, showing overall market weakness.

Dec 22, 2017

Trade active

Running into resistance at the 200 MA. BTC could be bottoming here in the short term, at a minimum (USDT topping). Moving partial stop loss up. If stop triggers a portion of the trade will revert back to BTC.

Dec 23, 2017

Trade active

For now, USDT continues to look bullish vs BTC. This means that BTC likely has more room to the downside for at least a test of yeaterday’s lows. I’m continuing to hold my position in USDT in my trading accounts.

Disclouse: I do hold BTC in long-term cold storage.

Dec 24, 2017

Trade active

Reaching a decision area as Tether is bumping up against the 200 MA and horizontal resistance on the 4H chart. If we break above the 200 MA, Bitcoin is in for further declines, taking us down to the $8,300 region on GDAX.



Disclosure: I'm still sitting in Tether in my trading accounts.

Dec 26, 2017

Trade closed: stop reached

After tightening my stop loss as Bitcoin began to cover I have been stopped out for a decent gain and reentered Bitcoin.

Dec 30, 2017

Note

USDT continues to perform well against $BTC.