A 50-61.8% retrace now would be perfect / DON'T FORGET USDT
If 9k is the local, multi-monthly top, a retrace to 50 - 61.8% now would be perfect, TA-wise and historically-wise.
It would bring us back to the $6.1k - $6.7k level, which has proved to be a strong support in 2018 (even thouh we dipped much lower after).
Buying here looks ideal in the short term, so watch closely for a break of the blue trendline drawn above.
Even though BTC seem sunstoppable right now and everyone screams "halving", "fidelity" and "adoption", don't forget that brutal dips can still happen more often than not. Especially after a parabolic advance like the one we're witnessing right now.
This market is still very small and easily manipulated. Whales can crash the market in minutes. It is something to keep in mind while trading BTC.
Last but not least, tether has become out of control. They have printed hundreds of millions of USDT in just a few weeks... The supply of tether is at an ATH, and it is hard to ignore the fact that the current BTC price is closely tied to the supply of tether.
When the finex fraud comes to an end, the market could be damaged at levels never seen before.
Don't miss this opportunity. It will only happen once. Put some buy orders at the lower levels (1k-3k) just in case and let time do its job.
In the meantime, 6.1 - 6.7k looks like a good entry in the short-term.
Trade safe!
It would bring us back to the $6.1k - $6.7k level, which has proved to be a strong support in 2018 (even thouh we dipped much lower after).
Buying here looks ideal in the short term, so watch closely for a break of the blue trendline drawn above.
Even though BTC seem sunstoppable right now and everyone screams "halving", "fidelity" and "adoption", don't forget that brutal dips can still happen more often than not. Especially after a parabolic advance like the one we're witnessing right now.
This market is still very small and easily manipulated. Whales can crash the market in minutes. It is something to keep in mind while trading BTC.
Last but not least, tether has become out of control. They have printed hundreds of millions of USDT in just a few weeks... The supply of tether is at an ATH, and it is hard to ignore the fact that the current BTC price is closely tied to the supply of tether.
When the finex fraud comes to an end, the market could be damaged at levels never seen before.
Don't miss this opportunity. It will only happen once. Put some buy orders at the lower levels (1k-3k) just in case and let time do its job.
In the meantime, 6.1 - 6.7k looks like a good entry in the short-term.
Trade safe!