norok

Bitcoin teetering on the edge

BITFINEX:BTCUSD   Bitcoin / Dollar
Bitfinex Hack
The Bitfinex closure has briefly messed up the charts by missing several days of price action. However, they still remain the most voluminous exchange and the most popular margin trading platform for USD. I do not expect them to go away. I am currently holding BFX tokens just as everyone else but have not yet begun trading them because Tradingview has not added them to charts as far as I can find. Overall, I think they handled the situation very well with transparency and constructing an alternative debt vehicle in the form of the tokens. It was also extremely clever; people wanting to cash out their debt obligations immediately do so via the secondary market they created thus lightening the risk of a full run on Bitfinex assets. They also created a new tradeable security (using that term loosely).

Price Action
I am actually not changing my last forecast much. Though the charts are only updating with new data going on what I see time is still passing towards the "Danger Zone" I had labeled before the hack. If anything; now time has setup a break of the Daily support of 611 that has turned it into resistance and setup a potential short breakout. If price goes past 569 in the next few days the probability is high that a bearish trend will take price down to at least the Weekly Support level of 476.

Related Ideas

hodl-on
3 months ago
Thanks for the analysis norok!
Question; do you foresee a BTC selloff in the next few days initiated by Bitfinex customers who will seek to dump their BTC to Fiat out of panic from the recent hack?
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norok PRO hodl-on
3 months ago
I went to put on my short trade today after .along this post and found trading still not active. There is a lot of pent up trading volume about to be loosed on the market and it will not be in the direction of faith and $10,000/btc-by-year-end.
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Hey Norok,
Your charts and notes are always a good read, thanks!
I found these guys showing btx/usd charts: https://cryptowat.ch/bitfinex/bfxusd
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Bistonic.com PRO Bistonic.com
3 months ago
*Typo: BFX/USD
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norok PRO Bistonic.com
3 months ago
Thank you very much! For a long time they did not offer Ichimoku and when I visited today via your link I see that now they do!
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