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Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers

Will BitFinex $1 Billion Trigger a Bitcoin (BTC) Sell-Off?

Dalmas Ngetich by Dalmas Ngetich
4 years ago
in Uncategorized
Reading Time: 2 mins read
  • Bitcoin (BTC) prices firm, add 9.5 percent in the last week
  • Despite fraud accusations, BitFinex will crowd-fund to raise $1 billion

BitFinex, sources have it, will proceed with their IEO and the aim is to raise $1 billion in USDT. While it is pleasing for investors, the exchange is reserving $600 million for whales. Even so, its success would mean pressure on Bitcoin (BTC) which is up 9.5 percent in the last week.

Bitcoin Price Analysis

Fundamentals

Bitcoin (BTC) price performance is impressive. Rallying, against all the odds, the coin is up 9.5 percent from last week’s close adding 2.4 percent in 24 hours. Even so, analysts believe that prices are topping. Indeed, the zone between $5,800 and $6,000 house significant resistance levels that buyers must overcome for a trend continuation.

If anything, that’s our iteration, and despite many traders loading up thanks to improving fundamental factors and general improvement in sentiment, it is only until after our trade conditions are correct that we shall recommend buying on dips with first targets at $6,000 and later $8,500.

Just an opinion — there is a chance $BTC is topping here, having met its price target at key resistance. A correction could occur before another move toward 6500, then a more significant correction. pic.twitter.com/woetnihqB5

— Peter Brandt (@PeterLBrandt) May 4, 2019

Presently, the focus is on BitFinex and their brave plans of raising $1 billion through an initial coin offering (IEO). The composition of a team determines how successful it is and as we now know, Tether Limited reserves can’t cover the amount of USDT in circulation. Besides, BitFinex has in more than one occasion accused of malpractices and is a victim of a hack.

Even so, assuming it is a success, we expect investors to liquidate their BTC holdings for USDT heaping pressure on Bitcoin which is already reacting after peaking on Apr-3.  From sources, of the $1 billion, 60 percent is allocated for “private investors,” that is, whales and VCs.

Candlestick Arrangement

Bitcoin BTC

As it is, the pressure is on, and analysts’ opinions seem to be false. Investors are in and ramping up in lower time frames. We need not look far. From candlestick arrangement, not only are prices trading above $5,600 but the underlying momentum is high.

Notice that Bitcoin (BTC) prices are banding along the upper BB in a breakout trade complementing buyers of Apr-2. At the same time, there has been a complete reversal of Apr-25 losses meaning the bull breakout of early Apr-2 indeed valid.

However, from candlestick arrangement, risk-averse traders should take a neutral stand until after prices rally above $6,000. Once that prints out then they can buy on dips with targets at $8,500 more so if the accompanying breakout is with high transaction levels.

Technical Indicator

Our anchor bar was Apr-25, a bear bar with above average volumes marking a double bar bear reversal pattern of $5,600. With May-3 signaling buyers as it is wide-ranging, we expect volumes to pick up in days ahead if indeed buyers are in control. Ideal volumes should exceed 10k as prices rally away from $5,600.

Charts courtesy of Trading View

Tags: bitcoinbtc
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Dalmas Ngetich

Dalmas Ngetich

Dalmas is a crypto reporter covering NFTs, blockchain, DeFi, and blockchain news for NewsBTC. He’s part of a team of talented team working on bringing latest crypto development across the board. Dalmas is also the ex-founder of btc-pulse.com, a crypto news outlet. Dalmas has over 10 years of experience covering Forex, general finance, technology, and blockchain developments. His work and that of his partners has been featured in top news outlets including investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. He’s passionate about technology and politics. When he’s not keeping tabs on crypto events, you’ll find him out in nature, exploring and traveling with family and friends. You can follow Dalmas on Twitter @Dalmas_Ngetich or ping him on Telegram @Dalmas_Ngetich

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