Bitcoin (BTC/USDT) is forming a falling wedge on the hourly chart and may signal a bullish reversal from yesterday's drop from that meteoric high. Good to see capitulation and volume again on the daily chart yesterday, it's been a while! There should be a drop from here to the bottom of the falling wedge and the lower bollinger band. RSI also has room to the downside. II'll be watching for a break above the falling resistance as confirmation.
As a first target, I'll be looking for a Fibonacci retracement to around $7150 at 0.618 fib.
The stablecoin price premium seems to be dropping now that the herd are slowly coming to realize that Bitfinex is still solvent and that there may have been a slight overreaction to tether fud and rumours.. let's hope the fud clears the way so that the market can start pricing in the bullish news that Fidelity will be launching trade execution and custody for cryptocurrencies. Considering they manage $7.2 trillion dollars in client assets, this is pretty big news! First bakkt, now this..this is really only the start! Bakkt is bigger than getting an ETF imo. This may appeal to the overall mass market consumers (not necessarily just investors). Crypto will become actual money.
Happy trading and good luck!
As a first target, I'll be looking for a Fibonacci retracement to around $7150 at 0.618 fib.
The stablecoin price premium seems to be dropping now that the herd are slowly coming to realize that Bitfinex is still solvent and that there may have been a slight overreaction to tether fud and rumours.. let's hope the fud clears the way so that the market can start pricing in the bullish news that Fidelity will be launching trade execution and custody for cryptocurrencies. Considering they manage $7.2 trillion dollars in client assets, this is pretty big news! First bakkt, now this..this is really only the start! Bakkt is bigger than getting an ETF imo. This may appeal to the overall mass market consumers (not necessarily just investors). Crypto will become actual money.
Happy trading and good luck!
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