From a technical standpoint it looks like Bitcoin has been rejected off the resistance at the 7150 area
We have been saying since 5900 that the price action looks corrective in nature and not impulsive, indicating new lows to be made.
Unfortunately Correctiive waves like these are notoriously hard to label, and although it seems that we have completed a WXY correction, It is possible, that this may be an even more complex triple combo WXYZ.
A clear break and close below 6540 would indicate that a new impulsive wave down to the mid 5500’s has begun, likewise, a bounce off the 6750 support would indicate further upside and a final wave to the 7500 area.
At the moment, we are neutral, but would like to point out that CME futures close on the 31st and for the last 3 consecutive CME futures roll-over, Bitcoin has subsequently dumped.
We would also like to point out, that this morning, $60 million of Tether was moved back INTO an owners wallet, FROM Bitfinex and not vice-versa.
Typically pumps happen when tether is printed and sent to the exchange which leads us to believe that someone is preparing for the worst
The address is below and can be verified publicly.