After Coinbase's (COIN) listing on the Nasdaq, Bitcoin has embarked on a correction pattern. Let's quickly see what are the main forces behind this retracement:
1. COINBASE "sell the news"
Coinbase's listing caused the so-called "buy the rumor, sell the news". In this case, we saw bullish pressure on BTC before Coinbase's listing on the Nasdaq, after which large sale volumes were recorded. This caused a flash crash and a wave of sales.
2. Options market shows a probable lateralization
As reported by Cantering Clark, a famous crypto derivatives trader, the market is not necessarily bullish or bearish right now based on the options data. Clark said the options market trend shows that Bitcoin could go through a sideways phase, which would mean a consolidation at around $ 60,000.
3. Sell Friday, Buy Sunday
I read in various blogs and telegram groups that many HODLers sell a percentage of their portfolio on Friday or Saturday to buy back on Sunday at discounted prices. This phenomenon has been going on for months now and is repeated almost every week. I have never applied this strategy so far, but I notice that many HODLers and traders talk about it, apply it and in recent weeks it has often been a winning strategy.
To learn more: https://cointelegraph.com/news/bitcoin-dips-under-60-000-what-s-pulling-down-btc-price?utm_source=Telegram&utm_medium=social
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