Tether implosion with bitfinex to coinbase premiumSo this is the complete Tether implosion chart. Watch Tether vs all other StableCoins. You can see the tether troubles reflected in the bitfinex / coinbase premium.
USDC-D
Tether implosion continuing.. bitfinex RIP?So the tether implosion is continuing, check out my previous post -> . In this one i added PAX.
Anyways we can clearly see that USDC is leading the USDT exodus. Probably all of Tethers US customers are moving into USDC and the Tether team can't keep up the peg.
Is Tether going to implode to it's competitors? No one knows how tether really backs up their USD. If they use actual USD they're at the mercy of legacy banks that can shut them down and if they use BTC or others assets to back up tether then they are at the mercy of the markets and the prices of their assets. Tethering ain't ezpz.. Now big boy goldman sachs has entered the stable Ecoin (Evil coin) game giving tether some competition. The chart shows that the tether drama arose shortly after the introduction of USDC. Some bigger players probably sold their Tether for USDC and bitfinex et al couldn't keep the peg without selling too much of their assets such as btc.
possible pattern set up on $USDCHF could break out in either direction but im leaning towards short due to the reasons mentioned on chart
USDCHF remain bullish with pullback to supportBuy above 0.9958. Stop loss at 0.9900. Take profit at 1.0044.
Reason for the trading strategy (technically):
Price has broken our long term descending resistance-turned-support line signalling a change in momentum to bullish. It has also made a very nice pullback and recently displayed a bounce above this descending support line. We turn bullish above 0.9958 support (Fibonacci retracement, horizontal overlap support, pullback support) for a push up to 1.0044 resistance (Fibonacci retracement, swing high resistance).
RSI (34) sees intermediate support above our 36% level.
EURUSD Overall Downtrend Over the market has been saying downtrend, just be careful & simply wait for 50sma confirmation.
