Having watched his friend make millions of dollars over the past decade through their investments in cryptocurrency, long-time sceptic Hugh Honey has finally admitted defeat and followed them into the space where he has opportunistically “bought the dip”.
Unlike his friends who made their money investing in Bitcoin and altcoins, Honey has drawn on his years of experience in technical analysis to identify Tether (USDT) as his cryptocurrency of choice.
Clearing his entire offset account to load up on Tether, Honey is confident that it’s only a matter of time until he will be joining his friends on their annual trip to Aspen.
“All the technical indicators show a strong level of support at $1 so with USDT trading at $0.97, it should return to $1 effortlessly,” said Honey.
“On top of that, the RSI shows that USDT is being epicly oversold so that suggests we have value here and once it oscillates upwards, it could easily breach resistance and head towards $1.05.”
Honey, who invests and trades purely using technical analysis with zero understanding or interest in fundamentals, was particularly attracted to the stability of Tether over the past decade.