Good evening, everyone,
The weeks follow one another and the recovery has not yet arrived... But is it really a surprise?
For our Binance traders, it is never pleasant to see continuous declines. Indeed, since they cannot play "short", it is sometimes even better to convert for USDT, TUSD or even PAX, which has entered the short-list of reference pairs on Binance.
For information, we are currently working on the development of an AI following the BTC which will soon make it possible to secure all (or part) of your portfolio according to the market. This solution will be integrated into the Binance trading bot and web platform (dashboard) and should be a very important new tool for all traders.
Every day, we receive the same question "when will it end?" Then follows a second question not even waiting for the answer from the first "how far will it go?"
As we were talking about on our Youtube channel and on the VIP channel, support in the $3600-$3800 area was solid but broke, producing strategy (B). A very important and solid area, but that doesn't mean it won't break. Below there is $2800 and, support very likely if you look at the long term, and the last one below, on which many analysts seem to have the same opinion than me, is the $1800, which if it is touched, should be followed by a pretty powerful pull back.
So maybe Bakkt will be the key, maybe it will be with the help of the NASDAQ, maybe custody, ... or the SEC. The possibilities are vast, but all of its news still has uncertain implications, as was the arrival of future contracts in January 2018, both expected and feared. After that, we cannot say that they are entirely responsible for the fall. The buzz generated by this and other news is the main cause.
In the time I have been on the cryptomonnaise market, I have had a growing feeling that the functioning of the traditional market and the cryptomonnaise market is much more different than one might think. This difference is the temporality of the causes and consequences and their creation process.
While in the traditional market, the major movements of the indices would be more likely to be influenced by political and economic factors, and the amplitude of these movements would also depend on the technical aspect, in the form of self-fulfilling prophecy, it would be quite different in the cryptos market. Some may have spotted it, but it's always when everyone gets shy of a drop that bad news falls. It is also when everyone becomes optimistic that good news arrives. Is it a bias to see only good news in bullish trend and bad news in bearish trend?
In other words, technical analysis would give the trend here, when the fundamental would give its amplitude. Like when we were waiting for news and JP Morgan's boss made a announcement saying that the BTC was a scam, in September 2017, leading the price into a massive fall. Was it so important, or was it a pretext for a technical element, a kind of confirmation of an analysis?
But after all, it may just be a hunch... ;-)
The market is not yet at the end of its rope, that is obvious. The capitulation is approaching, but is not yet really felt. But no, the cryptos are not dead, far from it. We are still here and will still be here ! It's not only a market, but a revolution. It's not only theoritical, it's practical. It's not only a dream, it's a reality!
Have a great day guys