[BTC/USD update] - A bart to rule them all
As I published in my last BTC update, the last leg down was fishy asf and for that reason said from my point of view it was better to wait for the dust to settle before making any 'big' decision.
We're used to this kind of manipulation, as a couple of big hands are enough to move the price. More of a reason to stay calm and to know what we are playing. Won't get tired of saying: ''Take care with this!''
Added to all the 'routine' manipulation we're facing the Tether scandal & Bitfinex. The USDT premium is enforcing a inflated BTC/USDT price in some exchanges*.
*Taking Coinbase or Bitmex as a BTC/USD reference where the price is at ~6400$, Binance shows a ~100$ premium & Bitfinex a ~300$ premium.
I previously used this exchange as it feel trustworthy, but not anymore. If I were you, I would take out all my funds from Bitfinex.
Regarding the TA:
The inversed Bart formation let us in a 'nowhere' position. Frankly I don't have a clue what will happen next. We can moonshot from there or we can hit the ground again from that point.
The Tether scandal could have been the mother of all the bull traps or the last shakeout that we need. From a indicators perspective (MACD & RSI) I feel that we are slightly overbought where we are.
A retracement to the 0,61 level of Fibonnaci is likely taking in consideration that we will be probably facing some selling pressure.
*Incredible how the retracement levels of fibonacci worked out to find good entry and exit points. I'm not trading that much anymore, but I have to say that the 0,61 ratio is GOLD.
On the other hand and given the current market conditions... If you're planning to buy I wouldn't wait. The bear could be more than over at this point (given my bullish bias, cof cof).
Take care and trade with responsability.
Disclaimer: not financial advise.
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I think the bear is still here and isn't done yet, that being said, we're looking short term bullish.
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