Hey guys,
Another technically bearish day in crypto and another lot of headlines trying to paint a picture for the masses.
What’s today’s? Bithumb, one of the largest cryptocurrency exchanges in not only South Korea, but the entire world, reportedly lost around $30 million worth of Bitcoin in the hack.
Just more stupid people, losing money (that’s been insured mind you) when they choose to give responsibility for their keys to a third party.
"We checked that some of cryptocurrencies valued about $30,000,000 was stolen. Those stolen cryptocurrencies will be covered from Bithumb and all of assets are being transferring to cold wallet.”
Yawn.
Seriously, who cares. Exchanges are going to get robbed. Don’t leave all your money on them and only use reputable, insured ones. It’s not rocket science and nobody with large enough amounts to care, have them sitting on exchanges.
Next!
So take a look at the higher time frame chart of where we’re at:
BTC/USD Daily
Just as I said above, price hasn’t dropped because some muppets lost their money on an exchange hack, it’s dropped because hugher time frame trend line support broke and price has now retested previous support as resistance.
Resistance that is shown much clearer on the hourly:
BTC/USD Hourly
This is the level to manage your risk around.
Bitcoin looks to be getting a bit of buying support as I type this, so it’s good to see some optimism and overlooking of this headline driven crap.
Go Uruguay, fuck Saudi Arabia, enjoy the rest of your night!
✌🏻.
| Steemit Blog
Market Analyst and Forex Broker.
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