BTC Update and Tether Issuance
The price of Bitcoin is hovering around $6900, with 24 hour volume around 4.2 billion USD. based on charts , Bitcoin is seen to be forming an ascending triangle which in near term is a bullish pattern. Since the last drop to 5800 , stop run on longs has occurred especially since the past 72 hours, with willing buyers taking the price back towards the resistance barrier at $6800.
This resistance was taken out today and has it seems to be an enticing opportunity to enter long positions for $BTC and purchase a variety of alts in preparation for the pump. It would be prudent to set appropriate stop losses as well in order to mitigate downside risk.
Yesterday a 50 million dollar tether issuance ad occured. While this doesn’t necessarily indicate that it will be used to buy spot $BTC or alts but it is a does point to a market participant is interested in increasing/adding to their crypto exposure.
Based on the past 2 weeks , It does look like $BTC has found rallying support below $6k. Analysis indicates that at least $7200 will be achieved since the resistance at $6800 is broken. This should bring alts with it as they appear to have found a local bottom.
However, the belief is that a short squeeze is inevitable, and it will seem a good idea to begin hedging reducing exposure once the euphoria break out occurs at a break of $6800. It is best to operate under the impression that the bear market will be in play until $BTC can sustain itself above $6800 for longer time frames, ranging from a few weeks to a few months.
Here is some TA that i can agree with. the last part especially. it'll probably hangout around 6500 or around there, and hopefully not go down any more but who knows, keep buying along the way right?!
Cost averaging seems the way to go..
lets just hope right!
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