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Bitcoin (BTC) Bulls Firm Even if BitFinex May Refute NY AG Fraud Claims

bitcoin-btc-bulls-firm-even-if-bitfinex-may-refute-ny-ag-fraud-claims

  • Bitcoin price successfully recover Apr-25 losses
  • BitFinex says they are good players in the digital space and would protect their clients from NY OAG attacks

Despite Apr-25 blip, BitFinex commitment is unwavering. Concurrently, Bitcoin bulls are resilient, and even with a threatening drop, buyers are back as prices snap back to primary trend. The way BTC shook off bears is suggestive of strong underlying support, and in that case, BTC may easily extend to $6,000.

Bitcoin Price Analysis

Fundamentals

The jumble around Tether, BitFinex and the NY Office of AG, in my take, is but another opportunity for savvy traders to capitalize and load. We have seen this happen on numerous occasions. Remember, last year when news broke out that BitFinex clients couldn’t withdraw fiat, the price of Bitcoin and other high liquid coins rose in response.

Even so, then- because of other fundamental factors, the world’s most valuable currency was under pressure. It was only days before prices sank below $6,000. However, the crypto climate is different now. Triggered by fundamental factors, analysts are upbeat and project Bitcoin to blast above $10,000 towards $50,000 and even $1 million in the next two decades.

For this mega valuation, there must be triggers like China allowing the free market to influence their controlled Yuan and once again opening doors for exchanges as well as the SEC approving any of the many Bitcoin ETF application.

Before then, next year’s halving–which is some few weeks before the US General election, is bullish thanks to expected scarcity. If supply and demand dynamics kick in, then Bitcoin would fly.

Candlestick Arrangement

Price wise and the world’s most valuable coin is stable, trading around Apr-25 highs. Because of this, it is clear that buyers are in control, reversing losses of Apr-25, invalidating the double bear bar reversal pattern of Apr-24-25 and affirming bulls of early Apr-6.

But, from a top-down approach, the trend is clear and since Bitcoin (BTC) is above a critical trend line visible in the weekly chart, the path of least resistance is up. Since prices are bouncing off the middle BB, effortlessly reversing losses of Apr 25, there is another buying opportunity with stops at Apr-25 lows at around $5,100.

However, for trend continuation, it would be ideal that buyers close above Apr-24 highs with high trade volumes confirming buyers of Apr-2 and setting the foundation for the next leg up to $5,800.

Technical Indicators

As aforementioned, Apr-25 bear bar anchors our analysis. Technically, sellers of Q4 2018 could flow back, and as such, it is imperative that there is a correction of Apr-25 losses complete with high transaction volumes exceeding 21k.

Chart courtesy of Trading View

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