All That Bitcoin Action - Yet We Went Nowhere
Anybody watch that action in Bitcoin yesterday? We did a full range move in the matter of hours. You know what the end result was?
Nowhere!
If any of you have ever watched the movie boondock saints then you know the quote.."Where's this guy going? Nowhere!"
Well, that basically described bitcoin over the last 24 hours.
Looking at the chart above, you can see that bitcoin started yesterday's daily candle near the low end of the range that I pointed out in previous posts.
Then, boom! Price exploded higher just slightly piercing through the top of that range (and I'm sure getting many people excited) only to come cascading back down and give back half the move.
Tether Catalyst?
Many were saying that it was due to people piling out of tether into bitcoin as some confidence was being lost in that coin as a USD stable coin. Either way, at the end of the day we still sit in the range.
Conclusion
The more things change, the more they stay the same.
Until we get out of this stinking range there really isn't much to do (unless you are actively trading, then you can play the range back and forth.)
The good news is we rallied off the bottom of the range and have kept intact. Hopefully we continue to consolidate for a year end rally.
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Crazy to see that roundtrip go by so quickly! I think it shows how much the traders are controlling the market as there really is not much demand or supply for long term holders.
Speculation at it's finest!
Its been good for anyone trading that range. Interesting how it looked like an altcoin pump and dump. I heard that the volume from the past 24 hours was more than weve seen for the past 6 months.
The more times price bounces off support or resistance the stronger they become. Will be interesting to see which one breaks first.
Yup, seeing all that volume and price movement reminded me of the first quarter of this year. Tailed off ever since.
The price increase was due to the false implication of Tether being discontinued. So people (including meaning large wallets) did what they had to do to ensure they wouldn't get stomped out. Turns out it was a bunch of crap. So that's why it only lasted a few brief ticks. $1000 increase in a short span was good fro the rest of the market. It added a nice bit of change to other altcoins. The altcoins are doing pretty good numbers also. Be wise my friends it is a dog eat dog sport. Let's eat!