Bitcoin - BITFINEX AND TETHER DRAMA, Same Trading Range! 2/2
Updated
Hee everyone,
We said earlier that new resistance turned into new support, this support got easily broken by the Bitfinex and Tether drama. With this new support being broken we got set back to our old trading range of 10,20%.
We have seen new sell orders and shorts being set between the 5400 - 5650 range, is this gets broken we would see a rise to the 6000 lvls and then see 5650 as our new support with a trading range of 6,19%.
Also a lot of longs are being set with buy orders on the 4900 - 4700 range. If this range can't hold up we will see a downfall to the 4200 lvls and see our new trading range in between 4200 - 4700 with a percentage of 10,64%
Both of these lvls could be hold what then will bring us to the 4900 - 5400 trading range and then we could be stuck here for a long time. But none the less, a trading range of 10,20% is nice to work with for the traders.
For the long term investors we recommend to use PAX for the buy orders of BTC, because there will be more problems with Tether.
Happy Trading everyone!
- Hans / Plaxidoeda
We said earlier that new resistance turned into new support, this support got easily broken by the Bitfinex and Tether drama. With this new support being broken we got set back to our old trading range of 10,20%.
We have seen new sell orders and shorts being set between the 5400 - 5650 range, is this gets broken we would see a rise to the 6000 lvls and then see 5650 as our new support with a trading range of 6,19%.
Also a lot of longs are being set with buy orders on the 4900 - 4700 range. If this range can't hold up we will see a downfall to the 4200 lvls and see our new trading range in between 4200 - 4700 with a percentage of 10,64%
Both of these lvls could be hold what then will bring us to the 4900 - 5400 trading range and then we could be stuck here for a long time. But none the less, a trading range of 10,20% is nice to work with for the traders.
For the long term investors we recommend to use PAX for the buy orders of BTC, because there will be more problems with Tether.
Happy Trading everyone!
- Hans / Plaxidoeda
Note
Old resistance into New Support*
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