This is how i plan to play it at this very early stage, preempting the information.
I have gone to cash (actual fiat not USD) and i am expecting a sell off on the BTCUSD fiat pair.
The reason why is because those people holding tether will want to hold fiat while there is risk in tether.
The way this will be achieved is likley to be via buying crypto, moving, and selling into USD.
This therefore means that there is downside risk on the BTCUSD pair. I expect the BTC USDT pair and all other crypto-USDT pairs to move higher as the coins are demanded.
This may be what is neeeded to retest the 200DMA / generally backtest the breakout.
I would like to catch a bid between the 61.8% retracement and the 78.6. I might scalp around on any opportunities.
Hopefully this is all just noise and it blows over, but i thought i would share my immediate short term thoughts re risk mitigation.
Lets share thoughts below.
If you like this idea, appreciate the like => if you want to get more regular updates, follow me on twitter.
it wasnt unforeseen the charts tell us.. hit play if we go sideways then we can still go up shorts are disgusting right now , so we will most likely see stable coin influx cap going into btc, temporarily pumping price while people exit markets
Poukitoun
⋅
It is interesting how these words ‘Mt Gox, Tether, China, SEC’ always disappear when we have a good run and suddenly reappear to justify a sudden drop or the beginning of a small bear cycle. I prefer to ignore all of it and concentrate on the charts. We have reached a key resistance (50WMA) after a significant rise, either we break through it or we drop to the 200WMA from here. For that to happen, fear needs to be brought back at a max level, tether seems to be a good story...So far everything has played out identically to the 2014-2015 bear cycle. I got out at $5600 and now I’m waiting for an entry at 6k (above 50WMA and confirmed as support) or a drop to $3800-$4200 range :)
BorisPoff
⋅
Unforeseen and unusual? Maybe if you read any of the posts of the last two weeks on TV you would have foreseen it. I can summarize it for you:
100% of posters called a pullback, bears and bulls alike. Pullback happened.