BTC -- Daily Candle closed now -- We can watch the trend lines
A number of analysts here were sensing that BTC was due a pull back. Whether that was going to happen or not, the Tether announcement did it for us. How bad is it going to be?
The daily candle closed right on a support line, but the next candle opened below. I expect some waterfall from here as the Asian markets wake up and react. I'm actually surprised we didn't get more than a 6% reaction in these two+ hours since the news. Is that a hopeful sign? There is a big gap from the $5,018 trend-line down to the one below. That $1,100 explosion up from $4,200 means there is a large window with little support.
Long-term questions:
1) I'm assuming the Tether/Bitfinex business will take a while to air. How much effect will that have on Bitcoin over the next months as it resolves in court?
2) If Tether printing was responsible for a fair amount of the liquidity of exchanges, then what will happen to price?
3) I'm not offering predictions here, just showing trend lines I see and how they may serve as support. I personally will be surprised if this takes out the 3.1k bottom, but who can predict.
4) Altcoins? As BTC, so altcoin support...except for worse?
The daily candle closed right on a support line, but the next candle opened below. I expect some waterfall from here as the Asian markets wake up and react. I'm actually surprised we didn't get more than a 6% reaction in these two+ hours since the news. Is that a hopeful sign? There is a big gap from the $5,018 trend-line down to the one below. That $1,100 explosion up from $4,200 means there is a large window with little support.
Long-term questions:
1) I'm assuming the Tether/Bitfinex business will take a while to air. How much effect will that have on Bitcoin over the next months as it resolves in court?
2) If Tether printing was responsible for a fair amount of the liquidity of exchanges, then what will happen to price?
3) I'm not offering predictions here, just showing trend lines I see and how they may serve as support. I personally will be surprised if this takes out the 3.1k bottom, but who can predict.
4) Altcoins? As BTC, so altcoin support...except for worse?
Price has managed to climb back up and flip resistance to support.
Will it hold though? If it can close a 4 hr candle there, perhaps.