BITCOIN "POPS" early morning! Swings from a 24 hour low of 6185 to 7380! Now settling back to 6500 area. What's happening? And, I welcome your thoughts!
Good morning my friends. If I was not alerted this morning to what had hours earlier transpired, I would have looked at a quote and seen 6450 and "oh well, same old" etc.
My last post three days ago (6300) we mentioned "no mojo" and sentiment not supportive of a sustained major rally. IN Fact 6750 again looked like resistance not easily overcome. And, the prolonged tight range could persist longer. It had to break out.
But, my friends this is most unusual. Any "news" or rumor? Please comment!
Now here we are quickly settling back at about 6500 as if nothing happened, and after a sudden 1200 point surge, about 18 percent. This is a thinly traded market. Imagine the Dow Jones surging suddenly about 5000 points to immediately settle back where it began. Or, gold about 225 dollars per ounce! A thinly traded market is easily manipulated. But I know nothing!
Sentiment yesterday was a negative 78-22. (bulls-bears). As I write it is an alarming 84-16. Very, very negative. I want to be bullish believe me! And what I am seeing has proven reliable (if you've followed me since January).
So I'm asking YOU, What's up? And I'm looking forward to your responses.
Oh yes...watch today's gold/silver market.
I would just like to point out that there is a high level of fear and uncertainty right now.
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I heard that it had to do with some FUD and concerns from Tether and Bitfinex again... It seems that Tether holders sold the coin and used bitcoin and the trading pair before sending it to another stablecoin. Tether traded below $1 while others like True USD are above $1.
thank you! always want your "take".
As far as I understand, there was a run on the bank on Bitfinex, people tried to get out of Tether USDT and bought Bitcoin, this triggered a short squeeze. and the rest is history.
makes sense..I've now heard similar..thnx.
Usdt implosion coupled with economic stability being questioned. Great analysis again! Keep it up, sir.
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thank you so much..
There are fake news about delisting USDT from Binance.
As a result:
That's it...and thank you..appreciated.
To me it is another indication of an overly constrained and overdue bull market just waiting to breakout at any opportunity. But the bulls are still a bit afraid after their bear mauling earlier this year. All they need now is the right catalyst.
See this post of mine from a month ago for more details: https://mentormarket.io/cryptocurrency/@bitbrain/turning-of-the-tide
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