POLONIEX:BTCUSDT could be in for a sustained decline as POLONIEX: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.
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.
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.
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.
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.
$USDT continues to perform well against $BTC.