The lack of volume in bitcoin institutional derivatives, showing the lack of interest of institutional investors to bitcoin market exposure. Volume is averaging (50MA for 2h sessions) slightly over 1000 contracts, worth 5 bitcoin each.
The lack of audit of Tether and Bitfinex, a scheme that accounts for half of the BTCUSD trading volume and 1.2B outstanding usd-ious
https://pbs.twimg.com/media/DRwVtnOUMAAgm9j.jpg:large
https://pbs.twimg.com/media/DRnDhZ9WsAA0Vwq.jpg:large
Median trasnactions fees reached a new peak of 30 usd proving, once again just in case there was any doubt, that bitcoin currently is not ready for "production phase" (either for lack of developement or quality of the same)
https://bitinfocharts.com/comparison/transactionfees-median_transaction_fee-btc.html#3m
The bitcoin war and the bitcoin cash threat prints a long shadow over bitcoin, and with a similar performance in the past months, there is nothing decided yet.
Entry: 14500-15000
Stop loss: 15300
Target: 10800-11900
The lack of audit of Tether and Bitfinex, a scheme that accounts for half of the BTCUSD trading volume and 1.2B outstanding usd-ious
https://pbs.twimg.com/media/DRwVtnOUMAAgm9j.jpg:large
https://pbs.twimg.com/media/DRnDhZ9WsAA0Vwq.jpg:large
Median trasnactions fees reached a new peak of 30 usd proving, once again just in case there was any doubt, that bitcoin currently is not ready for "production phase" (either for lack of developement or quality of the same)
https://bitinfocharts.com/comparison/transactionfees-median_transaction_fee-btc.html#3m
The bitcoin war and the bitcoin cash threat prints a long shadow over bitcoin, and with a similar performance in the past months, there is nothing decided yet.
Entry: 14500-15000
Stop loss: 15300
Target: 10800-11900
Note
I've re-opened/I'm re-opening this positionNote
Note
Note
Channel broken.
Best case scenario, market is hungry of overleveraged dipbuyers and we are retesting lows to shake them out.
Worst case scenario bull trap is over and we are heading to new lows.
Trade closed: target reached
Even the 6160 head and shoulders target was met (~60% price dip).Trade safe and don't get lured into the "back to normal" trap.
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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.