Bitcoin still in the grip of Tether uncertainty
Updated
Bitcoin is still inside the range it made since we made that weird rally a week ago. Moving between 6500 and 6350, with very slow and low volume movement. I am still quite sure that we probably won't see a break until Tether makes a more significant move. I have advised to take a break since almost a week ago, that advice is still valid.
Alts don't give any real signs, because most are very close to the 2018 lows, which is a bad sign itself. But some show signs of bottom formation as well, so not much to go on.
As mentioned in the past days, Tether also moves inside a tight range now, so there is a chance we might see a break of that range soon. I assume we will see more movement in Bitcoin when this happens. The volumes have dropped so much, it seems that literally nobody knows what is going on with Tether, meaning even the big professional traders have no clue.
Tether did break that tight range it has been moving in the past 4 days broke but it moved back in very quickly again. A false break usually gives us a move in the opposite direction, but Tether is not our usual speculative asset, so can't really say if the normal TA rules apply on Tether.
I wish i could give better and clearer direction, but the chart is telling us; the market has no clue which way to go. If you want to know more, i wrote allot more in my previous analysis about Tether and the market conditions when ignoring Tether.
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Previous analysis:
Alts don't give any real signs, because most are very close to the 2018 lows, which is a bad sign itself. But some show signs of bottom formation as well, so not much to go on.
As mentioned in the past days, Tether also moves inside a tight range now, so there is a chance we might see a break of that range soon. I assume we will see more movement in Bitcoin when this happens. The volumes have dropped so much, it seems that literally nobody knows what is going on with Tether, meaning even the big professional traders have no clue.
Tether did break that tight range it has been moving in the past 4 days broke but it moved back in very quickly again. A false break usually gives us a move in the opposite direction, but Tether is not our usual speculative asset, so can't really say if the normal TA rules apply on Tether.
I wish i could give better and clearer direction, but the chart is telling us; the market has no clue which way to go. If you want to know more, i wrote allot more in my previous analysis about Tether and the market conditions when ignoring Tether.
Please don't forget to like if you appreciate this :)
Previous analysis:
Note
The false move in the yellow circle on the left and a possible small H&S on Bitcoin. If the 6380ish breaks we can assume we will drop towards the 6300, but so far still above the neckline. Note
Compared to a week ago, the open longs have dropped even more which is a bad sign. But on the left we can see the open shorts have been dropping as well when looking from the same reference point. My best guess, it's no speculation but simply money getting out of the market. Note
Neckline of the H&S broke, unless we get back above the 6400/10 within the next 5 min or so, we have to assume the price will drop towards the 6300. Open intrest on Bitmex is around 760 mil now, the last few times it got close to 780 mil the price made some significant moves. So maybe we will get a move within the next 2 days again.
Note
Here we can see how Tether made an attack at the resistance AFTER it made that false break on the downside as mentioned in the beginning. And Bitcoin price made that quick move up as well which invalidated that small H&S. Based on this, we should see a move towards the 6460ish. If this would happen AND Tether would break the resistance as well, then we might see a break of the price range of both and get some normal price action againNote
Still looking good, if we get above 6420 we might reach that 6460 target. Talking about 30 point rallies :) LOLWant a break of 0.98ish of Tether though.
Note
Now we have a false break out on the upside of Tether? The break out looked to be so close, things could have gotten to normal again. Bitcoin the same, seems that push down in tether caused the price of Bitcoin to drop again as well. Even though we can talking about 20/40 points, but that's the movement we have nowadays. It's 50/50 again at the moment on what it can do next. Still inside the range of 6350/6500.
Note
Nothing much has changed, that green support level has worked once again. Lets hope we get a break out soon to the upside.Note
And still nothing has changed, both Bitcoin and Tether still inside the range. Note
Open longs on Finex are increasing again which is a good sign. Since tether is moving stable around 0.97/0.98, i don't think this buying in Bitcoin is because of the uncertainty of Tether. But probably buyers who just want to go long on Bitcoin.Note
When zooming in, it looks like Bitcoin is trying to defend this small upwards move. If they can keep it above the blue zone and preferably above that blue circle line, we could see another attack of the 6500. If they can keep it above that blue circle and move towards the 6480/6500, i think they will break it. But if we drop below the blue zone, than we will continue in this sideways price action.
Note
Come one Tether, you can do it :). Looks like we are getting a breakout of that range in Tether. This could mean we might get back to to 1.00ish levels, taking away the uncertainty that has been hanging around the market for weeks now. This could bring things back to normal again. And what sticks out a bit, that bitcoin price is not dropping while Tether is moving up. The difference is small so can't say yet if it's meaningful or not.
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