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Bitcoin Bears Backhanded And Why A Second May Be ComingToday Bitcoin exploded higher up over 10% at multiple points throughout the day. As I'm writing this it's off it's highs by a little, currently trading at around 8.31%. With a little room before the next major area of resistance, I think we may see another 4-6% move in BTC before things start to get dicey. Around 7800 we have the confluence of Fibonacci Extension, a long-term downtrend couple with moving average resistance...it's where the rubber meets the road. It's the first time in a while that it look like the bear market may finally be coming to an end, but I think it's a little too early to tell. Using USDTBTC as a great inverse indicator, you can see it too looks like it has 4-6% lower before it finds support. Another crypto market internal I've been using lately is BNB which has been slowly selling off for nearly the entirety of the recent rally in Bitcoin , Ethereum and the rest of the crypto market. There are a lot of good signs popping up for the next bull run, but I'm not ready to dive back in head first just yet
BITMEX:XBTLong
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by TheCryptosaurusRex
3
The Tether Argument - USDTBTCHi everyone. I wanted to have a discussion (or at least express my personal views) about USDT/Tether here, looking at the pros and cons of having USDT in the cryptomarket. In terms of TA, the chart itself has just the Fib lines only. I selected two points on the chart and both are inverse as the value of USDT is being measured against BTC here. If the second point from mid-July is taken into account, then USDT is touching the 0.236 fib line. It can very well go to 0.382 or 0.5 value, which will correspond to BTCs prices in September-October 2017. The value of USDT was declining until 2018, and then it started to rise back up slowly. This is expected as USDT is pegged against USD. But then there is a catch - it is not EXACTLY FIXED with USD, as it is a digital currency. The value of USDT has fallen to 93 cents many times in the past (and at times even lower), and also the value has been higher than USD at $1.01 many times, and even higher at certain points on some exchanges. This makes things interesting. The pros: - Digital format - not controlled (YET) by any government. - Easily transferred between exchanges. - Can be used on most major exchanges. - Low volatility, meaning better reliability and security that the value of the digital currency doesn't actually decrease much during transit, which can happen when market is very volatile. This is one of the biggest advantages of USDT. - During the times when BTC and the whole market is crashing, USDT value starts to go up slightly. This is fine as people sell their coins and buy USDT (especially on exchanges where that is the only option). During such times the buying power of any USDT hodler actually increases. Example: BTC drops in price from $7000 to $6700. USDT value goes up from $1 to $1.01. Anyone who sold BTC at the peak for 7000 USDT, now has 7007 USDT and can buy BTC at $6700 value but now the value of USDT has risen by around 1% (sometimes even more). - If someone wants to buy another cryptocurrency listed at another exchange which has USDT, money can be moved between exchanges during a 'crash' period and the user can buy that cryptocurrency - USDT will still at least hold its current value or may even go higher. Please note that this is NOT guaranteed to work every time. - Listed and used by lots of exchanges. The cons: - NO AUDIT and lack of transparency. - Pegged to USD - The US government can technically shut it down at any time! They have the right! - Controversy surrounding cryptomarket price manipulation. - If USDT/Tether is ordered to shut down, the whole market will see a huge impact on prices. This WILL probably induce a major bear market lasting for months or years, not just days or weeks. I am not against USDT and also do not condone it. If Tether can sort the issues/problems they are facing, then it is NOT a bad thing to have in the crypto space. Other coins such as Houbi's token, Binance Coin, True USD, are basically the same with a different name. To me, BNB looks even more suspicious. And now we have CoinBene and other exchanges popping up with a different model but same ideology behind them. Now that USDT is so much incorporated into the cryptomarket, I truly hope USDT/Tether gets rid of all the controversies and gets a proper audit soon. If they are shut down, then it will be very very very bad for the cryptospace. Once again, these are my personal thoughts, so please try to be nice and have a healthy discussion rather than a war :)
by UnknownUnicorn995432
2