BTC Breaks Down Amidst FUD

cryptoassailant (25)in #cryptocurrency • 7 years ago

Overview and Analysis

BTC Yesterday

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BTC Today

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Moving averages are still under water
BTC broke down out of the channel
Article about Bitfinex being subpoenaed came out
Found support on old resistance
Macd still bearish
RSI nearing oversold

https://www.bloomberg.com/news/articles/2018-01-30/crypto-exchange-bitfinex-tether-said-to-get-subpoenaed-by-cftc

https://twitter.com/nathanielpopper/status/958415624455127040

Summary

BTC officially broke out of it's channel earlier this morning. Unfortunately, it wasn't the direction everyone was hoping and expecting. The majority of people thought that after futures expired we would see a swing back up. It seems the whales had other plans. Early this morning BTC broke down out of it's channel. Followed by bloomberg posting an article about Bitfinex's tether being subpoenaed by the US government. What they failed to mention was this happened on December 6th 2017, nearly 2 months ago. They also failed to mention that Bitfinex isn't a US entity and doesn't allow US citizens to use their exchange. Which for me leaves the question, what good is that subpoena really going to do? They don't have to abide by it or turn everything over because their not a US company. I also find it very convenient that this article comes out the day prices in the market drop. This extra FUD helped push the price of btc all the way down to $9,700 until it recovered and found support on it's old resistance around $9,900. The next main support is $9,000. If BTC falls through that we may not find support until the $7,000 range. There's a lot of people who think support could be found around $8,000 because it is a physiological support point. However, based on fibs/math $7,000 would be the next support. With over 300 billion still missing from the total market cap, it would seem a great deal of people are still quite hesitant to re-enter the market. Strap in and get ready for the ride because we could still have a couple weeks of bearish trends to come. For those who aren't going to sell and have no fiat to buy the dips. My best advice is to just close your laptop and check back in a week or so. Obsessing over charts will only make the feeling worse. Take this time to enjoy being with your family and just doing other things in general. The market always comes back, you just have to give it some time.

Remember January has always notoriously been the worst month of trading. Followed by multiple month long bull seasons. Zoom out and look at the bigger picture.