Okay. Deep breaths.
It is my understanding, that the fear in USDT capitulated with a race to the exit.
To exit USDT people were buying crypto, and moving it off exchange.
The buying of crypto led to huge surges in crypto prices on USDT exchanges.
The selling of the moved crypto funds back into USD is leading to consolidation.
I currently am charting USD and coinbasepro as always, as that is what I am trading on.
Coinbasepro failed to break weekly lower high resistance $6,823 by $13, keeping the bears in control.
To prove the follow through here we need an hourly equilibrium and bull break.
At this point we are only about $150 over the high of yesterday so all things considered it is not significant on the charts at this point.
Lots of action to keep watching, but this USDT fiasco only adds uncertainty and fear to the crypto space.
Long term some say it is beneficial to get USDT out of the picture... but short term I have never seen a bearish event lead to a surge in prices!
Currently all cash and patiently watching the hourly.
It is my understanding, that the fear in USDT capitulated with a race to the exit.
To exit USDT people were buying crypto, and moving it off exchange.
The buying of crypto led to huge surges in crypto prices on USDT exchanges.
The selling of the moved crypto funds back into USD is leading to consolidation.
I currently am charting USD and coinbasepro as always, as that is what I am trading on.
Coinbasepro failed to break weekly lower high resistance $6,823 by $13, keeping the bears in control.
To prove the follow through here we need an hourly equilibrium and bull break.
At this point we are only about $150 over the high of yesterday so all things considered it is not significant on the charts at this point.
Lots of action to keep watching, but this USDT fiasco only adds uncertainty and fear to the crypto space.
Long term some say it is beneficial to get USDT out of the picture... but short term I have never seen a bearish event lead to a surge in prices!
Currently all cash and patiently watching the hourly.
Checkout our full trading resources online chartguys.com
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Improve your TA with our free ebooks chartguys.ac-page.com/lp-all-ebooks?utm_source=tradingview&utm_medium=social
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Checkout our full trading resources online chartguys.com
Improve your TA with our free ebooks chartguys.ac-page.com/lp-all-ebooks?utm_source=tradingview&utm_medium=social
Improve your TA with our free ebooks chartguys.ac-page.com/lp-all-ebooks?utm_source=tradingview&utm_medium=social
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.