Add as a preferred source on GoogleTrader Killa Says USDT.D Rejection May Signal a Bitcoin (BTC) Low
His chart analysis still allows for a pullback to $77,000 to $78,000.
Trader Killa said a rejection in the USDT.D measure may mean Bitcoin (BTC) has already formed a low, although his chart analysis still allows for a pullback to $77,000 to $78,000.
USDT.D measures USDT’s share of market capitalization. Killa said the measure retested the 0.786 Fibonacci level and then faced a strong rejection. He interpreted that move as a sign that Bitcoin’s low may already be in.
A chart pattern in his analysis leaves open a further move down to the $77,000 to $78,000 range. That possibility sits alongside his more optimistic reading of USDT.D, so his comments do not rule out another decline.
Killa also said simply taking a long position is easier than trying to time a short precisely in a trending market. The comments were dated Nov. 5.