The current price action is not bullish at all but on the contrary is very bearish especially if the daily chart closes under the pink trend line.
Once again we can see the power of fibs. The price got rejected at the 0.5 from swing high to swing low, approximately at the same level as the 100 Daily MA. According to our fib based TA the price needs to break a 0.65 from swing low to swing high if we want to have a chance of seeing a bull run.
Bearish indicators:
- pierce of lower bb after an extreme squeeze
- FOR NOW rejection at the 0.5, 100 MA, POC and pink trendline (things could change until the daily close but for now everything is bearish).
- huge premium on tether exchanges (rember GOX vs STAMP in the last months of GOX's life?)
As long as there is FUD surrounding Bitfinex and Tether and there is a huge premium on tether exchanges we will chart on the the average price from 4 USD exchanges: Bitstamp, Coinbase, Gemini and Kraken.
Once again we can see the power of fibs. The price got rejected at the 0.5 from swing high to swing low, approximately at the same level as the 100 Daily MA. According to our fib based TA the price needs to break a 0.65 from swing low to swing high if we want to have a chance of seeing a bull run.
Bearish indicators:
- pierce of lower bb after an extreme squeeze
- FOR NOW rejection at the 0.5, 100 MA, POC and pink trendline (things could change until the daily close but for now everything is bearish).
- huge premium on tether exchanges (rember GOX vs STAMP in the last months of GOX's life?)
As long as there is FUD surrounding Bitfinex and Tether and there is a huge premium on tether exchanges we will chart on the the average price from 4 USD exchanges: Bitstamp, Coinbase, Gemini and Kraken.
