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- Bitcoin (BTC) prices stay firm, add 9.5% last week
- Despite accusations of fraud, BitFinex will mobilize a common fund to raise a billion dollars
BitFinex, according to sources, will continue with its IEO and the goal is to raise a billion dollars in USDT. Although investors like it, the Stock Exchange reserves $ 600 million for whales. Still, its success would imply pressure on Bitcoin (BTC) which rose 9.5% last week.
Bitcoin price analysis
fundamentals
The Bitcoin price performance (BTC) is impressive. Gathering, against all odds, the coin is up 9.5% from last week's close by adding 2.4% in 24 hours. Despite this, analysts believe that prices are rising. Indeed, the area between $ 5,800 and $ 6,000 has significant levels of resistance that buyers must overcome in order to maintain their trend.
This is our motto, and despite the fact that many traders have multiplied through improved fundamentals and overall sentiment improvement, it is only when our trading conditions are correct that we will recommend buy on margins with goals at $ 6,000, then $ 8,500.
Just a notice – there is a chance $ BTC is leading here, having achieved its key resistance price target. A correction could occur before another move to 6500, then a larger correction. pic.twitter.com/woetnihqB5
– Peter Brandt (@PeterLBrandt) May 4, 2019
Currently, the focus is on BitFinex and its brave projects to raise $ 1 billion through an initial parts offering (IEO). The composition of a team determines its success and, as we now know, the reserves of Tether Limited can not cover the amount of the USD in circulation. In addition, BitFinex has been repeatedly accused of malfeasance and victim of hacking.
Still, if that were successful, we expect investors to liquidate their holdings with BTC in the face of tremendous pressure from the USDT on Bitcoin, which is already reacting after peaking on April 3rd. From sources, of the one billion, 60% is allocated to "private investors", that is whales and venture capital companies.
Chandelier arrangement
In the current state of affairs, the pressure is strong and the opinions of the analysts seem false. Investors are present and accelerate in a shorter time. We do not need to look far. From candlestick, not only prices exchange above $ 5,600, but the underlying dynamics is high.
Note that bitcoin prices (BTC) lie along the top BB in a small group transaction completing April 2 buyers. At the same time, there was a complete reversal of April 25th losses, which means that the break of the bull at the beginning of April 2nd is taking place.
However, from candlesticks, risk-averse traders should remain neutral until prices rise above $ 6,000. Once that prints, they can then buy on hollows with goals at $ 8,500 more, so if the escapes that accompany it are done with high transaction levels.
Technical indicator
Our anchor bar was on April 25, a bear bar with above average volumes marking a $ 5,600 two-bar bear reversal pattern. On May 3, notifying buyers that they cover a vast territory, we expect volumes to increase in the coming days if buyers are actually in control. Ideal volumes are expected to exceed 10,000 as prices approach $ 5,600.
Graphics with the kind permission of Trading View
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