BTC Making Moves to test $46k downtrend line & FB Diem
BTC is making some major inroads to test the descending purple line near $46k in the coming days. Remember today is Sunday and that a lot of WSB traders who aren't active on weekends are going to wake up tomorrow and switch to buying bitcoin and crypto again... the two communities are highly aligned ideologically imo.
Also, the volume lately has been extremely low and a move like this was overdue as low volume eventually begets high volume and in a selloff of a wave 4 correction - this sort of movement is expected - there was also bullish divergence in this move down which is also a confirmation we're in wave 4 and heading into wave 5 (which may have started already)
Additionally, Yellen / Powell / CFTC / SEC are trying to come up with some regulatory guidelines by end of July and this is likely imo MOSTLY related to FaceBook Diem which has yet to announce their full plans.
Just a recap, Facebook moved Diem's HQ from Switzerland back to the US only a couple months ago. This was likely done b/c the FB legal team has regulatory clarity on future of crypto and future of stabelcoins - Diem's main product.
It is my opinion that Yellen is all of a sudden serious about getting something out b/c Diem is working with them and probably pushing to have something done sooner rather than later. This is NOT priced in at all. Once FB announces their intention for a global stablecoin that has signoff from the Fed and Treasury we're going to see a massive spike in interest in crypto from people who have not heard of it yet.
$60B of Tether awaits patiently!
Also, the volume lately has been extremely low and a move like this was overdue as low volume eventually begets high volume and in a selloff of a wave 4 correction - this sort of movement is expected - there was also bullish divergence in this move down which is also a confirmation we're in wave 4 and heading into wave 5 (which may have started already)
Additionally, Yellen / Powell / CFTC / SEC are trying to come up with some regulatory guidelines by end of July and this is likely imo MOSTLY related to FaceBook Diem which has yet to announce their full plans.
Just a recap, Facebook moved Diem's HQ from Switzerland back to the US only a couple months ago. This was likely done b/c the FB legal team has regulatory clarity on future of crypto and future of stabelcoins - Diem's main product.
It is my opinion that Yellen is all of a sudden serious about getting something out b/c Diem is working with them and probably pushing to have something done sooner rather than later. This is NOT priced in at all. Once FB announces their intention for a global stablecoin that has signoff from the Fed and Treasury we're going to see a massive spike in interest in crypto from people who have not heard of it yet.
$60B of Tether awaits patiently!
Comment:
Typing too fast... *Stablecoins