BTCUSD Time 2 Short?
Updated
Bitcoin vs USDT has been trading at a premium of $200-$300 compared to non-tethered purchases through alternative exchanges such as Coinbase for more than 72 hours now, as traders continue to wait in uncertainty.
While there still seems to be a fair amount of volume happening, the market is signalling a possibility for further downside movement before the month is over. Market sentiment is still optimistic but as we approach the end of year traders may begin feeling less patient and look to liquidate more of their position(s). Taking profits (or realizing a loss) prior to the New Year seems like a viable option for many investors at this stage as we await major developments in the space while lingering near the critical break-even price point for miners.
In the midst of all the fundamentals that are affecting the market right now, we also do not have many bullish technical signs as of this moment.
The market has continued to decline across 2018 and now that we are in mid October the signs are pointing to even more downside. A good target area as of right now is looking between the 72.4 / 78.6 Daily Fibonacci which are near the 6150 and 5000 Price Points respectively. After the most recent spike caused by individuals getting out of their USDT positions, the recent consolidation has also created more selling pressure as the candlesticks wind up with the possibility to mirror the recent big bullish candlestick on the bearish side.
While there still seems to be a fair amount of volume happening, the market is signalling a possibility for further downside movement before the month is over. Market sentiment is still optimistic but as we approach the end of year traders may begin feeling less patient and look to liquidate more of their position(s). Taking profits (or realizing a loss) prior to the New Year seems like a viable option for many investors at this stage as we await major developments in the space while lingering near the critical break-even price point for miners.
In the midst of all the fundamentals that are affecting the market right now, we also do not have many bullish technical signs as of this moment.
The market has continued to decline across 2018 and now that we are in mid October the signs are pointing to even more downside. A good target area as of right now is looking between the 72.4 / 78.6 Daily Fibonacci which are near the 6150 and 5000 Price Points respectively. After the most recent spike caused by individuals getting out of their USDT positions, the recent consolidation has also created more selling pressure as the candlesticks wind up with the possibility to mirror the recent big bullish candlestick on the bearish side.
Trade active
Trade has shifted into 80 pips of profit, will watch as the price action develops.
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