🚨Tether Issuance as BTC Pressures Resistance🚨
The price of Bitcoin is currently $6729, with 24 hour volume around 3.56 billion USD. Bitcoin seems to be forming an ascending triangle which is a bullish pattern. Every time a stop run on longs has occurred over the course of the past 72 hours, willing buyers have taken the price back towards the looming resistance at $6800. ❌
Our team believes this resistance will be taken out over the course of the next 24 hours and has entered long positions for $BTC and purchased a variety of alts in preparation for the pump. It is important to set appropriate stop losses as well in order to mitigate downside risk.📈
A 50 million dollar tether issuance has also occurred this morning 💸. This doesn’t necessarily indicate that it will be used to buy spot $BTC or alts but it is a visible indication that a market participant is interested in adding more crypto exposure.
It seems, once again, that $BTC has found rallying support below $6k. Our analysis provides us with a sense that at least $7200 will be achieved once resistance at $6800 is broken. This should bring alts with it as they appear to have found a local bottom.
While we do believe a short squeeze is inevitable, we will begin hedging ourselves and reducing exposure once the euphoria break out occurs at a break of $6800. We will continue to operate under the impression that the bear market will be in play until $BTC can sustain itself above $6800 for longer time frames, ranging from a few weeks to a few months.