Hi guys, when we start to make higher highs than lower lows, it signals a bullish sentiment and this was exactly what Bitcoin did with yesterdays 10% pump. The world of crypto has been witnessing some interesting developments lately, particularly in the aftermath of the Binance FUD that sent ripples down the spine of many in the industry.
However, it is interesting how CZ and Binance have been able to absorb all the FUDs coming their way and move on like nothing happened. Some FUD peddlers even claimed that the recent SEC lawsuit against Paxos was the end for Binance, with rumors swirling that it was a pushback from big players who had lost out on the FTX contagion that CZ may or may not have incited. However, CZ and Binance have continued to move forward, maintaining a service that is up to the books.
This has been evidenced by the recent 10% BTC pump, which saw many alts rallying after it including BNB. Despite the FUD, CZ and Binance have presented themselves as operating a service that is up to the books, which has helped them weather the storm of regulatory scrutiny. In fact, every time an FUD is raised to bring down Binance, it's a signal to buy the BNB dip and wait to make some profit as the price recovers quickly.
While some people claim that CZ is manipulating the market, the truth is that he is innocent until found guilty. However, it is important to move towards a system that relies on trustlessness rather than trust.
In terms of price action, Bitcoin has been making higher highs than lower lows, which signals a bullish sentiment. This was evident during the recent BTC pump, which saw the price retesting $25k.
While some people expected Hive to follow suit, the price of Hive didn’t bulge much during the BTC pump, touching $0.40 and quickly recovering to $0.46.
However, it seems like we have seen this pattern before, where BTC pumps and Hive chills, only for Hive to pump out of nowhere for no reason. Based on this repeating price pattern, anything below $0.45 for Hive is an accumulation zone until three months from now. This prediction was made in a previous post, which has proven to be accurate so far.
It's worth noting that despite the FUD and market fluctuations, BTC's price floor remains at $20k, while Hive has remained strong at $0.40 and stronger at $0.38. Based on the current situation, it's safe to say that these prices are likely to hold up in the coming months, barring any major unforeseen events.
As I’ll always say, it's always important to keep an eye on the market and to not get too complacent, as it can change quickly. As always, trade safely and never invest more than you can afford to lose.