Simple wave analysis, comparing 2014 crash to current situation
I'm personally a long term bull, but the whole tether fiasco is starting to become a problem of the same size as was the mt. gox hack back in 2014. The recent news where scientist were able to prove the influence of tether printing and the market inflation is confirming the long time rumors. I believe the concerns about tether are also the reason the institutional investers are still holding back. They are patiently waiting untill the tether problem is resolved and the "real" BTC price / bottom is established. I'm not expecting BTC to bottom untill Tether is cleared. And since Tether / Bitfinex is not very transparant and doesnt have any public perfomed / verified audit its likely something is wrong.. The day we confirm it was fake, another dump will happen. The good news is, we will finally know and from there on the uptrend can recharge. Another option would be Tether gets auditted and verified to have the tether value backed in fiat. This would also be great news and the start of a new bull market.
All in all, we need to get the Tether story cleared uit quickly so we can focus on the tech again, but untill then I'm short.
I compared the 2014 mt gox bear market cycle with the bear market cycle we're in now. It looks like we still have a way to go. I'm currently short from 6450, with a take profit at 5650.
All in all, we need to get the Tether story cleared uit quickly so we can focus on the tech again, but untill then I'm short.
I compared the 2014 mt gox bear market cycle with the bear market cycle we're in now. It looks like we still have a way to go. I'm currently short from 6450, with a take profit at 5650.
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