BTC/USDT price movements October 4 2020
Updated
Bitcoin is king. So everything that moves around in the crypto space is heavily connected with Bitcoin. When Bitcoin moves, everybody dances. That beig said let's see what happened this week ( 28 September - 4th of October 2020) and whats coming next:
Bitcoin held against the news of BITMEX's founders being charged by CFTC and President Trump being diagnosed with Coronavirus. On the 2nd of October it had a small drop from 10.854$ to 10.328$ ( on Binance ), but recoverd fairly quick to the 10.500$ range.Here it seems the investors became undecided, the price ranged in a tight 50-100$ since the drop.
I think that if a week like this one would have happened a few years ago, Bitcoin's price would have dropped at least 20-30%. the fact that it didn't may signal that the bulls are not far from taking control of the markets. Also across the futures markets in place with the biggest exchanges (Binance, ByBT, Huobi, FTX, OKEx) the funding rate turned to negative which suggest that short position holders are more aggressive than long hodlers. this is usually the moment Bitcoin outperforms expectations. At the same time the number of Bitcoin wallets is growing continuosly.
To sum it up I think Bitcoin still needs to break key resistance level 11.200$ to get the bulls moving and 11.600$ to confirm a full retrace.
Bitcoin held against the news of BITMEX's founders being charged by CFTC and President Trump being diagnosed with Coronavirus. On the 2nd of October it had a small drop from 10.854$ to 10.328$ ( on Binance ), but recoverd fairly quick to the 10.500$ range.Here it seems the investors became undecided, the price ranged in a tight 50-100$ since the drop.
I think that if a week like this one would have happened a few years ago, Bitcoin's price would have dropped at least 20-30%. the fact that it didn't may signal that the bulls are not far from taking control of the markets. Also across the futures markets in place with the biggest exchanges (Binance, ByBT, Huobi, FTX, OKEx) the funding rate turned to negative which suggest that short position holders are more aggressive than long hodlers. this is usually the moment Bitcoin outperforms expectations. At the same time the number of Bitcoin wallets is growing continuosly.
To sum it up I think Bitcoin still needs to break key resistance level 11.200$ to get the bulls moving and 11.600$ to confirm a full retrace.
Trade active
11 October Update Seems the price printed 5 daily green candles, probably on monday & tuesday will enter a small correction phase to continue moving up. The EW movements combined with the recent 50 mil $ that entered the market on friday might suggest people are moving to bitcoin. I wonder what the OG's of crypto are moving into ? Probably de-fi.
If this really confirms as an impulse wave, I'll probably enter my favorite alts position on wednesday. Whatever happens I still have an unfiled order on bitcoin at 8.800$ :)
Read more (if you want to, no pressure) on cryptorobeducates.net
Note
Bitcoin at 13.200$. It seems my trading idea is being followed by Bitcoin's moves. probably a small retrace is in order, but watch out for a break above 14.800$ limit, there is no other stop untill we reach the previous high from 2017.
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