#BTCTRY (Bitcoin - Turkish Lira) exchange rate rose to 47192 today - its highest level since Jan. 21.
Trading volume on Turkey's cryptocurrency exchanges surged Friday as the country's fiat currency plunged to record lows on economic jitters.
📉 TRY dropped 27% last week and hit a record low of 7.20 per dollar earlier today.
💡 We do not treat it as a big deal, because there is not enough capital in Turkey to make it all much of a difference, just like Venezuela and other countries. You need to look at the Central Europe, North America. You gotta look at wealthier nations and when their citizens start worrying about their currencies, that speculation is gonna drive Bitcoin upward.
📌 But nevertheless, this kind of events helps you to understand why Bitcoin is needed.
Trading volume on Turkey's cryptocurrency exchanges surged Friday as the country's fiat currency plunged to record lows on economic jitters.
📉 TRY dropped 27% last week and hit a record low of 7.20 per dollar earlier today.
💡 We do not treat it as a big deal, because there is not enough capital in Turkey to make it all much of a difference, just like Venezuela and other countries. You need to look at the Central Europe, North America. You gotta look at wealthier nations and when their citizens start worrying about their currencies, that speculation is gonna drive Bitcoin upward.
📌 But nevertheless, this kind of events helps you to understand why Bitcoin is needed.
CryptoBullet
Here is an aggregation of HUGE ( >100 btc) bids & asks on Bitfinex. Very interesting...
❗️It's not surprising that BTC dropped below 6k. We drew you attention to those HUGE bis & asks not without reason. Finally we've fallen to the area where Whales placed bid orders for 500-800 BTC. Their main buys (approx. 3000 in total) was between 6060 and 5850, but there is something left..
📌Market Cap #update
(read comments on the chart above)
Critical level got broken and we dropped to Next Support in few days. Altcoins are in bigger trouble than #Bitcoin.
Meanwhile BTC dominance rate is currently at 53.7%
Money shifting from alts -> $BTC -> fiat with MarketCap dropping. Possible period of capitulation has begun.
(read comments on the chart above)
Critical level got broken and we dropped to Next Support in few days. Altcoins are in bigger trouble than #Bitcoin.
Meanwhile BTC dominance rate is currently at 53.7%
Money shifting from alts -> $BTC -> fiat with MarketCap dropping. Possible period of capitulation has begun.
💡Let's compare the daily bitcoin chart to silver on the weekly timeframe, because these are pretty close.
- Look what happened to silver: the silver held its support level for three times and pay attention to what happened next.
Do not underestimate support/resistance. Also pay attention to how bounces become weaker.
Do we think Bitcoin will have the same fate as silver had after the support line was broken? Actually no, bc bitcoin is more usefull than silver.
What we are saying is once that Support breaks, BTC is in trouble.
Does this comparison look reasonable?
- Look what happened to silver: the silver held its support level for three times and pay attention to what happened next.
Do not underestimate support/resistance. Also pay attention to how bounces become weaker.
Do we think Bitcoin will have the same fate as silver had after the support line was broken? Actually no, bc bitcoin is more usefull than silver.
What we are saying is once that Support breaks, BTC is in trouble.
Does this comparison look reasonable?
❗️Take a look at BTC Shorts. It is really asking for a short squeeze.
It’s not as bad as what we had in April, it was a way more leveraged shorts but we are getting there. By far this is clearly the highest peak in shorts since that short squeeze back in April. Be careful here.
It’s not as bad as what we had in April, it was a way more leveraged shorts but we are getting there. By far this is clearly the highest peak in shorts since that short squeeze back in April. Be careful here.
💡#Bitmain #opinion
Bitmain IPO will be single biggest barometer to gauge institutional interest in cryptocurrency.
[ Bitmain is filing for an initial public offering (IPO) potentially as high as $18 billion this September at a market capitalization of $40 to $50 billion ]
Notably, a possible $18 billion IPO sticker price positions Bitmain to displace social media giant Facebook as one of the largest public offerings in history, which is very symbolic.
#Bitmain 18 Billion Dollar proposed IPO will provide a window to glance at how institutional investors view crypto investing.
📌 Those who can’t invest directly into cryptocurrency due to regulatory issues can invest in Bitmain to get an indirect exposure.
Bitmain IPO will be single biggest barometer to gauge institutional interest in cryptocurrency.
[ Bitmain is filing for an initial public offering (IPO) potentially as high as $18 billion this September at a market capitalization of $40 to $50 billion ]
Notably, a possible $18 billion IPO sticker price positions Bitmain to displace social media giant Facebook as one of the largest public offerings in history, which is very symbolic.
#Bitmain 18 Billion Dollar proposed IPO will provide a window to glance at how institutional investors view crypto investing.
📌 Those who can’t invest directly into cryptocurrency due to regulatory issues can invest in Bitmain to get an indirect exposure.
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Guys, we have been receiving an enormous number of messages regarding BitMEX trading.
To be honest currently we are concentrated on marginal trading due to our personal clients’ requests & market conditions.
Responding to the demand, we are opening 5 slots for EXCLUSIVE BitMEX trading.
• You will get access to our special channel where we post our BitMEX trades.
If you want to buy subscription - you can contact @Likeniss
Examples of BitMEX signals 👇
#BTC weekly outlook
📌 Here are the Stop & Revers points and Bollinger bands.
We had a pretty good week up to 6600, but we broke the stop & reverse point which is now above and that’s bearish, and we are below the middle of BB and still not touched the bottom of BB. So the current weekly environment based on these two indicators is bearish.
After two weeks of a dramatic fall we bounced a bit, the ultimate target in this move is about 7000.
❗️We will become bullish for Bitcoin if we can break above 8500 on the current bounce. That is because of very powerful resistance, and in this case we would take a high above a high.
What is the probability of that happening? 25%
📌 Here are the Stop & Revers points and Bollinger bands.
We had a pretty good week up to 6600, but we broke the stop & reverse point which is now above and that’s bearish, and we are below the middle of BB and still not touched the bottom of BB. So the current weekly environment based on these two indicators is bearish.
After two weeks of a dramatic fall we bounced a bit, the ultimate target in this move is about 7000.
❗️We will become bullish for Bitcoin if we can break above 8500 on the current bounce. That is because of very powerful resistance, and in this case we would take a high above a high.
What is the probability of that happening? 25%
If the current week gets bullish, #BTC has the potential for a large weekly inverse head and shoulders reversal pattern to take place.
#Bitcoin broke out of the channel to the upside, which led us to 6900 (bitfinex) & 7100 (BitMEX). RSI entered the middle area.
For the next move up #BTC needs to close above previous resistance and consolidate. Only then it will be a confirmed breakout.
📍Targets: 7150, 7500
Failure to hold above the resistance will be considered a fakeout & we will go down to retest previous lows.
For the next move up #BTC needs to close above previous resistance and consolidate. Only then it will be a confirmed breakout.
📍Targets: 7150, 7500
Failure to hold above the resistance will be considered a fakeout & we will go down to retest previous lows.
CryptoBullet
#BTC shorts on Bitfinex are closing on record highs seen on Apr. 12
BTC Sorts have significantly dropped, but still are overleveraged.
CryptoBullet
Photo
Support (previous resistance) hasn't held the price. Currently we're back to the channel 6600-6200.
📰 BREAKING: SEC issues disapproval orders for ProShares Bitcoin ETF, ProShares Short ETF, and 5 bitcoin ETFs proposed by Direxion.
Proshares #Bitcoin ETF denied, as expected, but it appears the negative news was already priced-in. The bar of expectations was set low.
📌 Important to notice the SEC argument for denial is not based on Bitcoin (on the contrary, it shows a very positive opinion on it) but instead on the manipulative exchange potential.
📌 Important to notice the SEC argument for denial is not based on Bitcoin (on the contrary, it shows a very positive opinion on it) but instead on the manipulative exchange potential.
BTC Shorts rose after the #ETF rejection.
When the short squeeze happened, the shorts dropped but now the shorts are almost back to where they were. So the market is once again ready for another short squeeze. It’s gonna happen again, guys. The market isn’t going down until the least amount of people are profiting from the fact it’s going down.
We still believe that this short squeeze has more upside to go. More pain needs to be felt.
So, a short term Dead Cat Bounce📈 to $7-7.5k is on the cards before the final drop to $5k
When the short squeeze happened, the shorts dropped but now the shorts are almost back to where they were. So the market is once again ready for another short squeeze. It’s gonna happen again, guys. The market isn’t going down until the least amount of people are profiting from the fact it’s going down.
We still believe that this short squeeze has more upside to go. More pain needs to be felt.
So, a short term Dead Cat Bounce📈 to $7-7.5k is on the cards before the final drop to $5k
📰 BREAKING: SEC says it will "review" Wednesday's rejection orders for 9 bitcoin ETFs.
SEC staffers rejected proposals from three companies – Proshares, GraniteShares and Direxion. Now senior SEC officials will review those orders, though it's unclear at this time when the review will be completed.
SEC staffers rejected proposals from three companies – Proshares, GraniteShares and Direxion. Now senior SEC officials will review those orders, though it's unclear at this time when the review will be completed.