Bitcoin Price Mini T.A. 10/15/2018
Current Market Cap: $209.3B(+$7.72B in 3 days) Bitcoin Dominance: 54.3%(+0.3%)
*
Today I'm using three different trading tools and indicators: Bollinger Bands, Stochastic RSI and MACD.
Bollinger Bands show we are right at the moving average ($6,375). High ranges at $6,575 and low ranges at $6,175.
Stochastic RSI indicates oversold conditions (<1).
MACD shows we are above the Zero Line yet the histogram is negative.
Price Targets:
Entry $5,775- $6,350
Exit $6,450- $7,000
Last night there was a very strange event surrounding USD Tether and the exchanges that use it as a trading pair. The price of Tether was severely devalued as traders began to dump it onto the market in exchange for Bitcoin and other major cryptos.
It was unlike anything seen before and it had a drastic effect on the market as there was a MASSIVE pump in prices which sent BTC up to around $7,800 USDT on Binance. Partly spurred by rumors and also due to failing confidence in the Tether company's future.
With other stable coin alternatives developing alongside Tether there is plenty of competition to fall back onto, but for the time being USDT is still one of the major currencies in the crypto market and we should be watching very closely how things proceed from here.
Check Out My Last Bitcoin Post:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-mini-t-a-10-12-2018
Feeling Salty About Missing The Crypto Boat?
https://steemit.com/bitcoin/@hotsauceislethal/how-to-conquer-fomo-fear-of-missing-out
Fantastic Documentary About Relevant STUFF! (MUST WATCH!!!)
https://steemit.com/cryptocurrency/@avii/mind-over-money-documentary
Need A Good Laugh?
https://steemit.com/bitcoin/@hotsauceislethal/what-kind-of-crypto-trader-are-you
Keep A Strong Hand!
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-s-increasing-dominance-and-shrinking-market-cap
My Latest Series:
https://steemit.com/bitcoin/@hotsauceislethal/crypto-for-noobs-1-when-to-buy
https://steemit.com/bitcoin/@hotsauceislethal/crypto-for-noobs-2-when-to-sell
*Never invest more than you are willing to lose and always do your own research before making any investment decisions. I am NOT a financial advisor and this is NOT financial advice- this material is intended for entertainment and informational purposes only. Hit "CTRL + or CTRL -" to change size of chart.
(All pictures are free domain images created by myself with the help of Coinigy.com.)
Tether is bad for BTC in someway, seems like it's trying to take BTC's role. Oh no, i just bought at your exit price. lol , i was waiting it to come down from 7k ish
Did you noticed the fluctuations today, BTC went to around $6700, down to $6400 and up again. I lost $2 in a trade because of this cycle.
Nice to see oversold condition, would love to see what the market will be like throughout tomorrow.
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