If you watched Bitcoin this past week, you’d have noticed it had bounced back strongly from this year’s low of $6200, to a high of $8500 in just 24 hours, for a 37% gain! It’s all in line with what I mentioned on YouTube Live.
Market cap also went up $100billion overnight. People say “buy on rumor, sell on news”. I speculated that this was an orchestrated attempt by market manipulators to depress the price of crypto, so governments and the ultra-rich could buy in, as it’s totally possible that fiat currencies could eventually be backed by crypto token holdings. True enough, btc bounced on the 161.8 Fibonacci extension based on 12 h chart.
Another thought, I THINK, there is a direct inverse relation between the FX markets and crypto markets. Yesterday’s FX range was very thin for binary trades. I can only speculate that it’s because banks and big institutions are busy buying into crypto rather than usual currency swapping. Nonetheless, I’m very pleased that my simple trade filtering trick taught to my Binary Lab Elite team was able to weed out bad setups and poor trading range.