BTCUSD drop. Ideas?

Bitcoin Talk and Cryptocurrencies
#1

Hey there,

I’m pretty new here. This is just my second post.
Hope I’m following the guidelines correctly :slight_smile:

Yesterday BTC/USD dropped from +/- 27100 to +/- 25450 closing out at +/- 25700.

Did you see this comming and caught the move?

More importantly: Why did it drop the way it did?

I’m planning to buy just a little bit to HODL.
That has been my montly strategy for BTC last two years.

Since I’m growing into more of a trader instead of just someone who buys little bits of BTC, what do you think the near future for BTC will hold?

Thanks!

Love :heart:

#2

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based on daily chart, it seems on downward trend now, however, there is a support near 24900

1 Like
#3

Thanks @CkWealth will keep an eye on it.

So do you keep any track of fundamentals regarding crypto and if so, how?
Or do you keep you all of your analisys straight technical?

#4

I’m not following the charts for crypto but I am holding some. Not sure why the price dropped as it was up at $30,000 a few weeks ago. It may be tracking against the USD.

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#5

I think it would be a good idea to incorporate fundamental analysis, rather than just pure price action or TA. It will help you form a more complete picture of what’s going on in the market by better understanding market moving news events, trader psychology and even just general trader mood. Twitter helps with this also, as well as forex news sites.

Had you been following say general crypto news, you would have picked up on the recent trend. The SEC in the US is coming after crypto.

These are all/were all prominent US crypto exchanges. The first two articles are just from the last day. And they’re going to have a huge impact on the crypto market for the rest of the year, if not longer.

Binance is the world’s largest exchange. Coinbase is the largest US based exchange.

Coinbase

Binance

Bittrex

Coinbase Offshore

Kraken

Genesis

The Terra/UST/LUNA/FTX implosions of last year haven’t slowed down the rush in the US to regulation, and maybe over regulation. I would be very careful with any new crypto market trades or investments right now.

2 Likes
#6

@BillyBobPimpton Thank you so much.
This helpes a lot.
Reading the articles right now.
I’m using Bittrex so I should have been up to date, but I wasn’t.
Good reminder to never keep your assets in an exchange but transfer them to a wallet right away.
Didn’t know about coindesk before. I’m going to skim through it from now on.

#7

Coindesk is owned by DCG, a crypto industry investment behemoth of a company. DCGs owns crypto lender Genesis Capital, which went bankrupt after the FTX implosion, and is currently being sued by Gemini exchange for failure to return $1bn+ in customer funds related to Gemini Exchange’s Earn product.

DCG also lost about $1.1bn when 3 Arrows Capital (3AC) went down.

DCG also owns Grayscale Bitcoin Trust, which has been trying to convert into a spot Bitcoin ETF. Grayscale sued the SEC for denying the application to do so.

Coindesk actually had the scoop on FTX’s sketchy balance sheet, and some say that initial article started the downfall of FTX and Alameda Research (along with bad investments in 3AC), and ultimately led to Genesis Trading declaring bankruptcy.

DCG has been under immense pressure due to multiple lawsuits.

However, Coindesk is one of the top crypto news source around.

1 Like