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What many thought would never happen, happened Thursday. Just days after Tether Limited, the company behind the USD stablecoin, generated $ 300 million of its crypto assets, reports revealed that its operator, iFinex, was perhaps on the ice. As a result of this news, Bitcoin (BTC) dropped by 10% in a few minutes, from $ 5,550 on Coinbase to $ 4,950 at a quick sale.
Related Reading: Crypto split on the link, some bullish "unequivocal" on Bitcoin
But since this news was announced, crypto-currencies have recovered overall, with some suspecting that this debacle would not have a material effect on the resilience of this market.
Bitcoin is solid after the "FUD" attachment
According to the analysis of The Crypto Monk, a well-trodden trader, the dust of this recent muddle has dissipated, and Bitcoin's graphic structure is still "beautiful for the bulls". Monk did not give much reasoning on this, but the graph attached According to his message, BTC has maintained above $ 4,800 a vital level of support because it's where it stands puts the moving average at 200 days.
$ BTC:
the dust has settled down and this structure is still beautiful for the bulls.
Looking up $ 5500 again. pic.twitter.com/RIUY3i2mM4– The crypto monk ⛩ (@thecryptomonk) April 27, 2019
The structure of the graph is not nice, but the trade statistics and technical indicators too. According to Murad Mahmudov, a popular analyst who is 75% sure that the trough of cryptocurrency is at the rendezvous, the ratio of buyer / buyer positions on Bitfinex and its relative strength index (RSI) has led to believe that a higher movement is entering. No specific forecast has been mentioned, but Mahmudov has drawn an arrow ending at $ 6,300, that is, where Bitcoin should encounter major resistance at a level of historical significance.
1 / In life, always avoid being in the majority like the plague. pic.twitter.com/tniev60SRJ
– Murad Mahmudov (@MustStopMurad) April 27, 2019
On the other side of the equation
Of course, others are not sure that the Bitcoin graph is clearly optimistic. According to a chart from the trader Financial Survivalism, this decision confirms that the current structure of the Bitcoin market is similar to that of the slowdown observed in December, but reversed. So, if history is followed, BTC could be about to see a $ 1,000 withdrawal, potentially of the order of $ 4,200.
1/2 the current $ BTC The market structure looks a lot like the reverse of what we saw in December 2018. Let's first notice the rising division on the RSI with two dailies in red. We currently have a bear division after two 9 greens. The ADX also turns over after passing 70. pic.twitter.com/bVFt5Hx8gM
– Financial Survivalism (@Sawcruhteez) April 25, 2019
But it may not be so simple. As several analysts, such as Crypto Birb and Satoshi Flipper, have claimed, for Bitcoin to progress higher, it will need to exceed $ 5,200 on BitMEX and reach $ 5,300 for a "liquidity flip-test". At the time of writing this article, it was stated that the "liquidity test" had not yet taken place. With positive developments in the industry, such as those from TD Ameritrade and E * Trade, which offered Bitcoin spot trading, some are confident that BTC will quickly return to the levels it was in before 'crushing.
Related reading: TD Ameritrade follows in Fidelity's footsteps on the New York Stock Exchange and launches into crypto, reinforcing sentiment
Featured image of Shutterstock
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