Coinbase Goes Down; Issues with Buys Giving A ‘False Bearish Signal’

Coinbase Goes Down; Issues with Buys Giving A ‘False Bearish Signal’

Volatile markets are making cryptocurrency exchanges shut down yet again.

It doesn’t take much for the exchanges to go down, as we have seen all these years. A slightly more than usual bout of movement in either direction and all the exchanges become unusable.

The same was happening since yesterday when the market started its deep pullback. On Friday, BTC/USD made a new all-time high at $42,000, only for the leading digital asset to go down to nearly $30,000 today. Altcoins also went down hard as well, with ETH touching nearly $900.

In the week hours of Monday, Binance CEO Changpeng Zhao tweeted out record volume and the exchange having some issues. He said,

“ATH system traffic again. Systems holding up so far, not perfect, slightly higher latency in some regions.”

But much bigger issues are being seen on San Francisco-based exchange Coinbase at 06:46 PST on Jan 11, 2021. The exchange said,

“We’re investigating an issue impacting transactions on Coinbase.com and the mobile apps. The record of a recently initiated transaction may be delayed in showing up in your Coinbase account. There may also be some issues with some buys completing on the platform.”

The exchange further asked its users to “not re-submit your transaction – it will result in duplicate activity.”

This resulted in the price of digital asset trading about $350 lower on Coinbase than other exchanges. On-chain analyst Willy Woo noted,

“Buying demand is not coming in on Coinbase because buys are not registering. Coinbase price is used in a basket of exchange prices to get an index price that futures markets trade on. Gives a false bearish signal to algos, which will trigger further sell off.”

It has become embarrassing for an exchange that handles so much volume that in these eleven days in January, Coinbase has encountered some sort of problems seven times, which means only 37% resistance-free service so far.

Other exchanges that crashed during this much activity also involved Kraken and derivatives platform Deribit, funding rates on which went 0.5% for Bitcoin perpetual contracts and a whopping 0.92% for ETH perpetual contracts.

The market is slowly making its way up, but it’s to be seen if another pullback is in order or we finally find support.

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Author: AnTy

Leveraged Funds are Record Short on CME Bitcoin Futures

However, this might be bullish instead of bearish for BTC.

Bitcoin continues to break new records every day lately.

Yesterday, BTC/USD broke the $29,000 level as well and the market is expecting to enter into 2021 above $30k and end 2020 with more than 300% returns.

Amidst this extreme bullishness, leveraged funds on the Chicago Mercantile Exchange (CME) are record short.

However, this might be rather bullish for Bitcoin’s price than bearish as the same picture was seen on Dec. 1st.

As data provider Skew noted, they are likely to be record long on Grayscale Bitcoin Trust, trying to collect the premium. GBTC is currently holding 607.07K BTC, 3.2% of Bitcoin’s circulating supply, which is trading at a 23.5% premium to BTC price.

Grayscale, however, hasn’t bought any BTC since Dec. 25th, as per Bybt.

These leveraged funds might also be taking advantage of the CME futures basis, the average is currently over 10%. The difference between the spot price of Bitcoin, $28,268 as of writing, and CME Bitcoin futures price, which is $29,135, is an arbitrage opportunity for these funds.

On Monday, the regulated exchange had to temporarily pause the trading of bitcoin futures after one of the biggest gaps was formed, of more than $3k, between the derivatives and the underlying asset.

CME has actually become the largest Bitcoin futures venue by the number of open contracts amidst the growing institutional interest. Open interest on CME stands at $1.60 billion, the highest among the major derivatives exchanges, as per Skew.

Now, CME accounts for more than 18% of the total OI which stands at over $9 billion.

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Author: AnTy

Cardano (ADA) Price Analysis (February 29)

• Cardano price remains in a bearish zone and declined below the $0.04 support area.
• Buyers in hibernation as the fall continues.

ADA/USD Medium-term Trend: Bullish

• Resistance levels : $0.07, $0.08, $0.09
• Support levels: $0.03, $0.02, $0.01

The coin looks bullish in its medium-term view. ADAUSD is very likely to continue dropping as we are seeing a bearish correction in place. The coin is facing an increase in selling pressure and it could continue to slide the more.

A bearish doji candle at $0.049 in the support area opens today’s market. This is a signal that the momentum in price of the coin may likely change soon.

ADAUSD is initially above the support line at $0.049 in the support area.

With price below the two EMAs and the stochastic oscillator signal pointing down at level 9% in the oversold region is an indication of a likely reversal in trend in the nearby days in the medium-term.

ADA/USD Short-term Trend: Bearish

The cryptocurrency is in a bearish trend in its short-term outlook. After breaking the $0049 of the lower channel the bears drop price further down at $0.047 in the support area shortly after yesterday’s opening before momentum loss ADAUSD rises to $0.05 in the resistance area before the end of the session.

The breakdown in price at the EMAs crossover with a bearish pin bar at $0.049 confirms the bears’ takeover as the market opens today. Price is down to $0.048 in the support area and later rises to $0.049 in the resistance area at the time of writing this article.

Price is just a bit above the EMA 9 an indication of an uptrend in the context of the market and the stochastic oscillator signal pointing up at level 48% suggests an upward momentum in price and a trend reversal may like occur in the price in the nearby days in the short-term.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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Author: Ben Jordan

All Roads Lead To Bitcoin (BTC) Price Dropping Back Down

  • Analyst Magic is extremely bearish, predicting a 60% drop in April 2020

After the first week of trading sideways, Bitcoin has started slowly making its way downwards. From $7,500 on Dec. 9, today, we dropped to $7,072.

As Bitcoin turns red, altcoins follow the world’s leading cryptocurrency and register loses.

All Roads Lead to a Drop

Crypto trader Josh Rager is seeing all the roads leading us back down below weekly support at $6,902 because “HTF frames remain bearish trend and it’s looked weak in this range.”

Though BTC price could have a short term bounce, he is expecting another move down at least one more time. The time, according to him is to “accumulate.”

However, analyst Magic Poop Cannon who has been bearish on the flagship cryptocurrency is predicting a 60% drop in price. According to him, a new low will be coming at $3,000 level.

The call for a severe drop might not be seeing much mentions in the market as many like analyst Willy Woo and data analytics platform Glassnode are saying Bitcoin is close, but some like Magic and even veteran trader Peter Brandt has been calling for more pain ahead.

However, while Brandt has been projecting $5,400 as the bottom in June next year, Magic is predicting a 60% fall in April 2020. Majic said,

“Over the next six months or more, I think BTC (and the rest of crypto) is going to destroy a lot of hodlers. BTC looks very bearish, and I’m not only talking about short term price action. It looks long-term bearish.”

A warning call has also been made by trader CL who notes that the time-weighted average price of 2019 is at $7,100-7,200s.

And if we are in a bull market, bitcoin should not be below this level for “for a prolonged period.”

Meanwhile…

Crypto exchange OKEx also states in its blog update,

“Candlestick patterns and technical indicators have suggested that BTC volatility could increase in the short-term, with a bias slightly towards the downside.”

Retail Investors are on the Sidelines

With the majority of the crypto twitter turning bearish, it won’t be surprising if Bitcoin decides to make a move in another direction. Moreover, with volumes extremely low, a big transaction has the ability to move the market as well.

Matt D’Souza, Co-founder of Blockchain Opportunity Fund meanwhile shares a bullish picture saying, “We believe we are in the first 1/3 of a bull market.”

He points out how CME volume outpaced Coinbase and Bitfinex in Q1-Q3 of 2019 which indicates crypto was led by institutional money, signaling a market cycle turning point.

Institutions meanwhile won’t invest in ICOs that are surrounded by regulatory uncertainty and have liquidity issues. As such, now that altcoins are experiencing zero to negative returns, it means retail investors are on the sidelines.

“Once the last retail is in there are no more buyers left. All buying is exhausted and we experience a top. We are presently in the opposite environment where the institutions are accumulating, while the retail shows zero interest.”

No matter the next move Bitcoin will make, the best step, for a HODLer at east, is to accumulate – stack those sats.

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Author: AnTy

Bitcoin Prices Expected to Drop to As Low As $4,500 According to Market Analysts

Lately, Bitcoin (BTC) has assumed a consistent bearish market trend, and analysts are skeptical of a recovery any time soon. Many of the renowned market analysts opine that the BTC price will continue dropping even lower or trade at $5,500 for months before recovery. Peter Brandt wrote on his Twitter on November 21 that his target for bitcoin is a $5,500 floor after the price went below the $6,850 support level on that day.

Many investors may be expecting a market reversal, but the bearish trend may last longer than expected. The crypto industry should be ready for a surprise as Tone Vays, an investor, believe the BTC price may get to as low as $4,500.

The current market trend has led to market volatility due to short term bullish that may suggest a reversal. The price has been dropping from one support level to the next in the past weeks. BTC traded at highs of $13,000 from where the price began dropping. In July, it traded below $9,500 and recently went below the $8,200 support level and has been dropping ever since. The market is expected to maintain at an average between $6,900 and $8,200 because the next lower support level is quite far and might take till January to reach there.

According to a recent report by Cointelegraph, Stock-to-Flow model predicts that BTC/USD will trade at an average of $8,300 till May 2020. From May next year, the market is expected to take a bullish trend, which is attributed to the Block Reward Halving event. The effects of the event on Bitcoin price are evident seven months before it actually happens. This event will trigger Bitcoin prices upward and might lead to the recovery of significant highs.

This week alone, BTC has dipped over 15%, and according to Willy Woo, an analyst, this is a sign that the markets are destined to move forward. Woo predicts more volatility due to low lows and low highs, which are considered bearish. He also doesn’t expect the price to get to past halvenings.

Investors should, however, expect a short-term reversal as the price tries to get back to the $8,200 resistance level. So far, bulls have only been achieved through short time frames of an hour or less, and traders are afraid of buying. If the $7,400 level is not breached soon, then bulls will be disappointed by more downward pressure.

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Author: Denis Miriti

“This is a Bear Market,” says Economist Warning “High odds halving won’t be bullish”

  • Extremely bearish analyst predicts “an epic meltdown into halving that nobody expects”
  • Though bearish, the majority of CT does not expect $3,000. Trader sees $14k once this correction completes
  • More pain ahead if hash rate growth continues unabated as many miners will capitulate

The cryptocurrency market is slowly turning green after seeing the bloodbath for the last two days. As Bitcoin hovers above $7,000, a few altcoins have started rising. Maker is leading the pack with over 19% gains followed by Matic (18%), Tezos (10.20%), BAT (8%), Augur (7.40%), Stellar (4.32%), Cardano (3.60%), and IOTA (2.79%).

Bitcoin holding the ground at $7,000

Bitcoin holding the ground at $7,000

Bitcoin holding the ground at $7,000

Source: Coin360

After losing 21% of its value and crashing to the six-month low this week, Bitcoin is currently trading at $7,200 thought it turned out to be good for Bakkt which made another ATH at 2728 BTC.

$6,400 is the Level to Watch

This crash in BTC price has turned some analysts extremely bearish who are now calling for a drop to $3,000. Analyst Magic might be projecting “an epic meltdown into halving that nobody expects,” but the majority of the Crypto Twitter (CT) is not expecting such a big drop despite turning bearish.

Trader Credible Crypto says while we are still going down, it won’t be as low as $3,000. Once Bitcoin completes this correction, which will happen before $3k, the next stop would be $14,000.

$6,400 is actually the level analyst and traders are expecting Bitcoin to reach. Market analyst Benjamin Blunt says, “evidently max pain was straight down,” but we can still move to another leg lower. Though we can still make a new low, it all depends on the $6,400 level that needs to be watched.

More pain ahead if hash rate “growth continues unabated”

The world’s leading cryptocurrency might be down more than 48% from its 2019 high of $13,900 but we are still up 90% YTD.

However, earlier this month prominent analyst Willy Woo shared that Bitcoin is in a “blow-off phase” — a prolonged consolidation inside a macro bull market. The BTC rocket ship, he said will take time to take off.

The second phase of the bull market, he had said will start when Bitcoin takes over 2019 high that won’t be happening until 2020. In the short term, meanwhile, Bitcoin is “bearish.”

This sentiment is shared by economist and trader Alex Kruger who says the price action states, “this is a bear market” but as he mentions, “a bull/bear market is like a breakout”

Yesterday, the price set a local bottom at $6,785 but more pain could be on the way as Kruger says “many miners will capitulate if hash growth continues unabated.”

The hash rate of the Bitcoin network is currently down about 25.5% at 85 Th/s from the all-time high at 114.3 Th/s set on Oct. 23. However, prominent analyst shared on Twitter on Nov 23 that the hash rate is back above 100E.

https://twitter.com/100trillionUSD/status/1198161702367498240

https://twitter.com/100trillionUSD/status/1198161702367498240

https://twitter.com/100trillionUSD/status/1198161702367498240

This bearish momentum has the economist not expecting much from the halving as well. From the supply perspective, Bitcoin reward halving is a bullish event but it can have a “very negative short term impact” on the BTC price as this may increase the miner flows.

Also, “Massively high expectations around it makes it thus bearish,” and Woo has already warned not to expect the price to repeat past halvenings.

“High odds halving won’t be bullish,” Kruger said.

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Author: AnTy

HOLO Price Prediction Today: Daily (HOT) Value Forecast – July 29

New-Decentralized-Social-Media-App-Junto-Based-on-Holochain-HOT-Distributed-Computing-Model-is-Coming
  • The short and medium-term outlook is in a bearish trend.
  • Responsible selling recommended.

Supply zone: $0.004000, $0.006000, $0.008000
Demand zone: $0.001000, $0.000900, $0.000800

HOLO is in a bearish trend in the medium-term outlook. The bears retain dominance in the market at the beginning of another trading week with $0.001002 as yesterday low of the day. Today market opened on a bullish note at $0.001144. The coin had a brief rally as price rises to $0.001167 in the supply area.

The bearish momentum may be sustained due to the pressure from the bounce of the trendline. With price below the two EMAs currently at $0.001029 in the demand area. A new low is imminent before the end of today session.

The stochastic oscillator signal points down at 22% suggesting downward momentum in price.

HOT/USD Short-term Trend: Bearish

The cryptocurrency is in a downtrend in the short-term outlook. $0.001150 in the supply area is key resistance. Price rejection occurred in this area over the last two days. The bullish momentum as the market opens today at $0.001046 was lost at $0.001167 in the supply area before the bears took over the control of the market.

Price is above the two EMAs but the stochastic oscillator signal points down at 32% suggesting divergence. This implies that the downward momentum may return in as more traders are in the sell position as suggested by the stochastic oscillator.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Azeez Mustapha

BINANCE COIN Price Prediction: Long-term (BNB) Value Forecast – July 28

Bitcoin-Dominance-to-Last-in-2019-Says-Binance-Survey

• The coin long-term outlook is a bearish trend.
• $24.00 in the demand area is on the card.

BNB/USD Long-term Trend: Bearish

Supply zone: $60.00, $80.00, 100.00
Demand zone: $10.00, $8.00, $6.00

BNBUSD is in a downtrend in the long-term outlook. The bears’ strong pressure on the coin led to the breakdown at the lower demand area of the range at $28.00 on twice on 24th and 27th July.

The bulls had a brief push back up at $30.13 on these two days. The week ended with the cryptocurrency dropping to $26.69 in the demand area.

The new week began opened at $27.69 with a brief retest at the broken demand area as price rose to $27.97. These confirmed the correction and resumption of the bearish momentum in the long-term.

Price is below the two EMA crossover and the signal of the stochastic oscillator points down at 48%. This suggests downward momentum in price in the new week with target initially at $24.00 in the demand area.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \ Investment Disclaimer

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Author: Azeez Mustapha

Litecoin Price Prediction Today: Daily (LTC) Value Forecast – July 23

Litecoin-Foundation-Ready-to-Educate-Millions-about-LTC-with-Two-New-Partnerships
  • On the downside, if the bearish trend continues, the market will fall to the previous low of $80 price level.
  • On the upside, if the price breaks the EMAs, the crypto’s price will rise and retest the $140 overhead resistance level.

LTC/USD Medium-term Trend: Ranging

  • Resistance Levels: $100, $110, $120
  • Support levels: $80, $70, $80

Yesterday, July 22, the price of Litecoin was in a range bound move below the 12-day EMA and the 26-day EMA. In other words, the bulls fail to break above the $100 price level as the price fell to the low of $90 . On the downside, if the bearish trend continues, the market will fall to the previous low of $80 price level.

On the other hand, if the LTC price holds above the $90 price level, the crypto’s price will retest the EMAs to break it. On the upside, if the price breaks the EMAs, the crypto’s price will rise and retest the $140 overhead resistance level. However, the bulls are likely to face resistance at the $120 price level. Nevertheless, if the bulls failed to break above the EMAs, the crypto will continue to range below the EMAs. The MACD line and the signal line are below the zero line which indicates a sell signal.

LTC/USD Short-term Trend: Bearish

On the 1-hour chart, the LTC price is in a bearish trend. The 12-day EMA and the 26-day EMA are sloping southwardly. From the chart, the bulls failed to break the $104 price level and the market fell to the low of $90 price level. The $90 support level is holding as the bulls make an upward move above the EMAs. The MACD line and the signal line are below the zero line which indicates a sell signal.

Litecoin’s price is $93.08 LTC/USD exchange rate today. The real-time LTC market cap of $5.84 Billion currently ranks #4 with , daily trading volume of $680.61 Million and live coin value change of LTC -2.20 in the last 24 hours.

Latest Litecoin Price Analysis, Chart Forecasts and Blockchain News

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \ Investment Disclaimer

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Author: Azeez Mustapha

DASH Price Prediction Today: Daily (DASH) Value Forecast – July 19

DASH Continues to Dance and Prance with a 'Blitzen' Performance as the Crypto Market Spikes
  • Technically, the bearish trend has been terminated as price breaks the trend line and a confirmation candlestick closes on the opposite of it.
  • On June 26, the bulls were resisted and the market fell on a downward correction to the low of $100.

DASH/USD Medium-term Trend: Bullish

  • Resistance Levels: $160, $170, $180
  • Support levels: $110, $100, $ 120

Yesterday, July 18, the price of DASH was in a bullish trend as it broke the trend line. Technically, the bearish trend has been terminated as price breaks the trend line and a confirmation candlestick closes on the opposite of it. In retrospect, On May 19, the bulls have been battling to break above the $180 overhead resistance level.Yesterday, July 18, the price of DASH was in a bullish trend as it broke the trend line. Technically, the bearish trend has been terminated as price breaks the trend line and a confirmation candlestick closes on the opposite of it.

The bulls were resisted on May 19, as the price fell to the support of the 12-day EMA and later below the EMAs. The price fell to the support of the $140 price level. At the $140 support level the bulls made another push above the EMAs. On June 26, the bulls were resisted and the market fell on a downward correction to the low of $100.

Meanwhile, the DASH market is at the oversold territory of the daily stochastic but above the 20% range. This means that price is in a bullish momentum and a buy signal.

DASH/USD Short-term Trend: Ranging

On the 1-hour chart, the DASH price is in a sideways trend. The 12-day EMA and the 26-day EMA are sloping horizontally. The crypto’s price is above the EMAs indicating the price is likely to rise .

The price of Dash is characterized by small body candlesticks which describe indecision between the buyers and the sellers at   the current market price. Nevertheless, the DASH market has reached the overbought region but above the 80% range of the daily stochastic indicator. This indicates that the DASH price is in a bullish momentum and a buy signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Azeez Mustapha