2018-10-16 16:34 |
Bitcoin is trading at a 4-5% premium on Bitfinex after the USD-pegged stable coin USD Tether (USDT) crashed. USD made a move down to a low of 0.85 but has since retraced to 0.955, decreasing the premium seen on Bitfinex.
Bitcoin is trading around $6450 on Coinbase. After a sharp increase yesterday, today’s candle is forming a doji. A doji is a candle with little or no body showing some indecision in the market. The price action is back trading within the triangle which has been forming since January. With a sharp move down after occurring last Thursday and a large increase yesterday, Bitcoin is back to a neutral outlook after failing to follow up on either of these breakouts. The volume has reduced back down, and the RSI is trading around 50 showing equal pressure from buyers and sellers.
The arrows on the below daily chart represent the lows being formed. A close above the higher low which was formed before the drop which occurred on Thursday would change the market structure to a more bullish form.
Bitcoin Daily Chart – Source: Tradingview.comThe hourly chart shows the sharp decrease in volume we saw after yesterdays significant moves. Over the space of two hours, price increased from around $6200 to $6800 but afterward retraced to $6450 and traded in a tight range around this point. The MACD is converging towards the centerline showing more momentum on the side of the sellers at the moment.
Bitcoin Hourly Chart – Source: Tradingview.com Key Takeaways: Bitcoin has had both a sharp decline last Thursday and a sharp increase yesterday but has failed to follow up on both occasions. Today’s candle is forming as a doji showing some indecision in the markets. Pricing has been trading on low volume around $6400 since yesterdays sharp move up and retracement. Price action is back trading within the triangle pattern which has been forming since January. The price on Bitfinex is trading at a premium since the decline in Tether. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Bitcoin Continues to Trade at Premium on Bitfinex After Tether Crash was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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