Let's jump straight into business. As many Technical Analysts predicted yesterday - we are going down ! Yesterday I wrote Bitcoin Correction Is Not Over and essentially said that there are two levels to watch for today - 10,800$ first support level and the VERY strong support at 10,300$. Today bears are very active and stops were triggered around 10,000$, which took us directly to 9900$. However the bulls did a good job defending the key psychological 10,000$ level (for now).
What's Next ?
Good question ! Most likely we will close below 10,300$ and today's volume is also a good indicator that a move downwards is the most logical move. We have to add that Tether/Bitfinex news also weigh on the markets.
- 10,800$ is the new resistance level ( Strong Resistance Level)
- If we close below 10,300$, the level to watch is 9,800$
- Once 9,600$ broken, next level to watch is 8400$
- Stop-hunting is expected
There are people, who are bleeding badly from this correction. There is a point when a trader/investor just can't take any more pain and is willing to exit his position at any price. This is the time when smart money should be buying. Be ready, opportunities will present themselves.
One interesting idea was posted by @ew-and-patterns: Maybe we are done with the correction and today drop was just the rollback after the first impulse. My opinion is that correction is not done yet and there are couple more waves to the breaking point.
We are now near the $10 000 level... agree, here is the psychological barrier. All the eyes on the charts! Thanks for your analysis. Agree about the opportunities as well, who knows when will be the next massive correction.
Thanks for your analysis!
Thank you ! Very interesting indeed :) This is what I wrote on as a reply on the post
I appreciate your comment, I hope @ew-and-patterns is right.
The tether situation is scary.
That tether printing press has been pumping around the clock. I heard someone say 20% of what’s in the total crypto market cap is imaginary tether. Uh oh.
And I was silly to think once the futures date passed we’d be heading bank up strong.
Ugh.
Well, Tether (USDT) market cap is 2.2B, total crypto market cap is 510B, So Tether is only 0.4% of crypto market even if they fail. The real problem is with the US government in my opinion. Crypto gets more than enough bad publicity, so I hope this time they come through.
Absolutely. How about them going after exchanges that did business with Tether.
I’m not so sure they have the actual 2 billion in US fiat to back it up. The recent auditor was let go. So we’re just going on their word.
Hmmmmm
Yes, if they go after the exchanges - that will be very baaaad for us! I hope they don't do, although that sound like a good conspiracy theory ! Scary just to think of it.
I have heard from several people that we won't see any spikes until mid-next month very depressing time of the year in the crypto world
In all reality it's probably a good thing cuz it's giving us more time to buy in but I know my portfolios looking pretty scary
Yes, projects that you love will be at a great discount when this ends.
esta bajando '
Amigo que tan seguro es que siga bajando, Y que me puede decir del steem también es probable que baje.
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STOPI think that this time for take rest or buying some cryptos. When again the market will get alive? South korea ends all anonymous cryptocurrency trading today. Can it make any reflect on crypto market? possible?