The Bitcoin (BTCUSD) price spread between BitFinex and other major cryptocurrency exchanges is only one of the signals that are pointing an upcoming strong drop.
Just as I mentioned that this difference in price between major exchanges always leads to trouble, it also always happen after a top is reached, but there are more signals that tell us that Bitcoin will drop and these are showing on all exchanges.
Look at the volume for example. Trading volume has been dropping massively on both BitFinex and CoinBase, as well as other exchanges such as BitStamp and BitMEX.
Even with the Tether situation in place, bearish divergence in showing up on the MACD for the BitFinex chart.
BitFinex is looking just like Mt. Gox months before it went missing.
There is no steam left for Bitcoin to continue up, so we are very likely to enter a strong retrace, to load up before the next run... No worries, this is normal, Bitcoin will come back stronger once this is all done.
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Namaste.
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The S&P 500 Index (SPX) drops below support... See it here:
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I am loving this Bitcoin action.
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We track Bitcoin (BTCUSD) to see how are amazing altcoins trades will do. This bullish action is ultra positive for us, more money coming into the market, more profits will flow to the altcoins once this is done.
The higher Bitcoin goes, the better for all of us. So enjoy this ride, because much more will come when Bitcoin stops.
Win-win-win... That's how it is going to be for you and for me.
Namaste.
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We are now seeing good volume, above average volume and volume bar breakout.
So if volume was a problem before... no more, as we are seeing many buy orders coming up.