Here we go: https://www.bloomberg.com/news/arti...itfinex-tether-said-to-get-subpoenaed-by-cftc U.S. Regulators Subpoena Crypto Exchange Bitfinex, Tether Firms say they routinely get ‘legal process’ from regulators Tether has yet to verify that it holds $2.3 billion in reserve
Not this time, I think we have been bouncing around here long enough with no real move by the bulls. Time to test lower levels.
Bitcoin ads now banned from Facebook. Looks like FB is tightening up their act. All those big ICO's that promise to make you a millionaire can no longer advertise. https://www.facebook.com/business/n...ecurity-of-financial-product-and-services-ads
Im thinking that if this $10k breaks, the next big support is around $7k. With Tether being investigated, and lots of people long from +$10k, there may be enough sell volume and test some support we have not seen since November.
It's tried to break below $10K about 7 times since the 16th and failed, we'll see if this is consolidation before the push up or down. Much too volatile for me as I don't trade cryptos, but if I was a gambler, I'd be tempted to try for a quick 20% jump to $12K in the next week or so. I don't recommend it though!
@Rock Sexton I think was callin' for 8900 (this was when it was up around 15K at the time) on one of the other threads here.That was a nice call.
This 8k level is temporary in my eyes. I can't stress enough how poor the structure was during the parabolic rise from 5k. Since the breakout from the previous consolidation high of (approx. 1146 in December 2013) - at no point has it ever returned to re-test the VAH for support, which is an indication of buyer exuberance and sellers taking advantage of the liquidity to lock in profit. The POC (most active price) has never shifted up for support and hell - not even a new HVN (high volume node) was created up there.
Definitely not good from a long term support perspective. If new "value" isn't created higher up, markets revert to prior ones - simple as that. In the moving back down it can build new support - common areas are HVN's and VAH's. If those give out then nothing is left other than the POC. You'll notice in my prior chart there was a smaller volume profile in there with the POC up around 11,300. There was already weakness in the background, hence why we're already talking lower prices. Nothing but SUPPLY > DEMAND in the regular volume as you can see by the size of the sell volume vs. any buy volume bars.
I hope all of those people retiring because they got rich in Bitcoin actually sold the very large majority of it...
