The wait has paid off. $BTC just broke 50 k for the first time since the brutal correction and everything seems that the accumulation continues as the exchange reserves are sitting near all time low.
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Last few days have been very volatile for $BTC which shapes the whole market. As we approached the bottom of ~28 800, we have seen a quick recovery back in to the range which we are currently holding, hovering below a strong resistance between 35-37 k. The news coming out is extremely bullish - Citigroup officially launched a new business unit dedicated to crypto, El Salvador keeps pushing forward with $BTC adoption offering $30 worth of $BTC to each citizen, Andreessen Horowitz announced their close of its $2.2 billion crypto fund and Paraguay proposes to make $BTC a legal tender, while Nigeria and Brazil are rumored to take similar steps. We are expecting a major movement in the following 3 days based on fib time. It is painful to watch the price stagnating but as long as we do not break below the range, just keep calm and #HODL.
Good morning, we have outlined this scenario in one of our last posts. We have seen a fake-out on both upside and downside and currently $BTC is trading sideways. We are watching updates from the Bitcoin2021 conference for you, some of the biggest news this weekend - El Salvador became the first country to make $BTC legal tender; Hacktivist group Anonymous has recorded a warning for Elon Musk as a reaction to his involvement and trolling in the crypto space - let's see what happens next. Wish you a wonderful week!
As we have mentioned yesterday, we have seen a fake-out, $BTC is currently back in the triangle, yet the exchange inflow mean continues to drop which signals that the selling pressure is slowing down. One of the scenarios is that we will simply continue sideways. As many people have noticed the triangle forming, this would be the best scenario for a market maker.
Good morning ☀️, $BTC has broken the triangle, however we would like to point out some activity visible in the Orderbook. We have noticed a similar scheme during the last couple of weeks, seems like there is somebody purposely manipulating the price by placing market orders on certain levels. Recently it seems that the goal is to keep the price down, somebody might was forcing the price to stay in a triangle. We will see how it plays out but we might be experiencing a fake-out here. Let's keep an eye on this.
Not much has changed since our post yesterday, however, we expect a bigger $BTC movement in the following 48 hours which will set momentum for the rest of the markets. We are expecting a leg up but honestly this is very hard to predict so we will be waiting for that key moment ready to adjust the strategy.
$BTC seems to be forming a nice triangle, we are sure many traders have noticed. This usually does not end very well, we will be watching the market very closely. We are still in the range so no pressure here. We would just not be surprised, if we see a leg down (not a dramatic one, though) and then continuation upwards. 📈
The weekend continues in the Extreme Fear territory, yet everything seems to cool off as $BTC social media mentions keep declining. On Sunday we have also seen the biggest stablecoin inflow transaction in a year, which is generally very bullish since it means somebody prepares to buy. 🤞