Asad Ullah Khan Junaid
--
Bearish
$SOL hey everyone, hope you are doing fine. First of all a little apology, I was busy today in forex so I couldn't reply to the previous post comments, I will make sure to reply everyone once I got some free time.
Secondly, I was re-accesing the sol, I did compare it with dollar index. The dollar index is going down. My forex pair is dollar yen pair, so theoretically crypto should behave exactly opposite to the dollar yen pair. If I can briefly explain, that pair has direct relation with dollar index and crypto has inverse relation with dollar index.
Fall in crypto during Asian and London session is justifiable, as the dollar index was rising during that time, but in Newyork session dollar index fall abruptly. During that session the crypto should have shown a bullish stance. I infact captured a trade of 3 lots in dollar yen pair during Newyork session that was a short position. After that session I turned to sol and just came to one conclusion for now, dollar index is obviously falling and so the crypto should have rise. But crypto has least trading volume overall.
There can be two reasons, first reason is am sure about it that recently due to trump policies many investors are scared to invest in any volatile currency. Gold is considered safe heaven for investors and from 24 December gold is in bullish markets, indicating that investors are protecting their money by moving to gold.
And for second reason, recently bybit security was breached and they have changed some of their trading policies, those policies somewhat had an impact on overall market. But for this reason there isn't any statistical data present.
Anyways, the current market is showing extreme manipulation, just trade with cautions. Price may fall to 120. But if a currency show abrupt movement in one direction that indicates a strong reversal. Neither dollar index nor any statistical data is validating the today's price action. I was myself looking forward to a good bullish price in crypto today. Let's see what tommorow brings to the table.
#VIRTUALWhale
Secondly, I was re-accesing the sol, I did compare it with dollar index. The dollar index is going down. My forex pair is dollar yen pair, so theoretically crypto should behave exactly opposite to the dollar yen pair. If I can briefly explain, that pair has direct relation with dollar index and crypto has inverse relation with dollar index.
Fall in crypto during Asian and London session is justifiable, as the dollar index was rising during that time, but in Newyork session dollar index fall abruptly. During that session the crypto should have shown a bullish stance. I infact captured a trade of 3 lots in dollar yen pair during Newyork session that was a short position. After that session I turned to sol and just came to one conclusion for now, dollar index is obviously falling and so the crypto should have rise. But crypto has least trading volume overall.
There can be two reasons, first reason is am sure about it that recently due to trump policies many investors are scared to invest in any volatile currency. Gold is considered safe heaven for investors and from 24 December gold is in bullish markets, indicating that investors are protecting their money by moving to gold.
And for second reason, recently bybit security was breached and they have changed some of their trading policies, those policies somewhat had an impact on overall market. But for this reason there isn't any statistical data present.
Anyways, the current market is showing extreme manipulation, just trade with cautions. Price may fall to 120. But if a currency show abrupt movement in one direction that indicates a strong reversal. Neither dollar index nor any statistical data is validating the today's price action. I was myself looking forward to a good bullish price in crypto today. Let's see what tommorow brings to the table.
#VIRTUALWhale
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