Hi traders, let's look at Bitcoin.
Bitcoin.
Bitcoin is currently trading at $6426 USDT on Binance (BTC/USDT), the third biggest spot exchange market in the world.
Looking at the USD/Bitfinex chart (same price as Binance but more price history) we can see that the crypto-currency experienced a pullback after exhausting its bullish momentum and failing to break above $6800 three days ago.
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Bitcoin is now diving back into a magnet zone where, I believe, most of the accumulation is taking place in preparation for the next bull-market.
This zone conflates with a particularly plump volume node which reflects historically high trading volume (auction).
Some yesterday's selloff could also be due to delayed reaction to bearish news regarding a recently discovered code bug quickly sensationalized by major crypto news outlets.
Strategy.
Fundamentally, Bitcoin is the ultimate anti-fragile protocol and I believe the discovery of this bug will ultimately have the effect of improving its security similarly to how a vaccine strengthen the immune system.
The dump will probably be blamed on the bug because market participants need simple narratives to make sense of the chaos that is the BTC market.
This could lead to more dumping but I doubt we'll see the price go lower than $6300 because of the accumulation that is taking place at this level.
I expect the market to completely price in the bad news before the end of the week and will look for some oversold conditions (as per the Stochastic RSI) for a re-entry.
Back to you traders, do you believe that the Bitcoin bug caused this dump? IS BITCOIN DED?
Until then,
FØx.
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May the FØx be with you.
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Very interesting post. Has added to you as a friend! I will be happy reciprocity)
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Sure!
Thanks for the kind words :)
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