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venerdì 28 febbraio 2020

Bitfinex Hit With Likely DDoS Attack as Bitcoin Falls Under $8,600: Weird Coincidence?

Unfortunately, not even Bitcoin exchanges aren’t safe from the crypto carnage that has transpired over the past few days.
Not too long ago, Bitfinex began “investigating what seems like a distributed denial-of-service” attack (DDoS) attack on its exchange. This came as a number of users began reporting they couldn’t access their BTC trades.
Indeed, data from Bitfinex’s status page shows that site response time and data throughput started to vary dramatically at 6:40 am GMT, eventually reaching a point where the site crashed around 8:00 am GMT, spurring the exchange to respond.
With Bitfinex hosting some of the most prominent cryptocurrency traders (like J0E007), many immediately wondered how the unexpected temporary closure of the exchange was affecting the Bitcoin market.
Although no strict correlation has been determined, our analysis found that BTC began showing signs of weakness once the DDoS attack started.

Bitcoin Seemingly Reacts Negatively to Bitfinex News

Below is an extremely short-term chart of Bitcoin’s price created by NewsBTC showing trends before, during, and after the DDoS attack.
The first horizontal line (blue) is when Bitfinex started to report issues, with the site lagging and data throughput decreasing. In the minute after Bitfinex’s status page reported this, BTC fell by $20.
The second horizontal line (more transparent blue) was when the seeming DDoS attack succeeded, marked by Bitfinex’s site response time hitting zero and data throughput flatlining. This seemingly marked the start of a steep decline that brought BTC from $8,740 to $8,560 — a drop of 2% — as of the time of writing this.
It isn’t clear if this is a spurious correlation, though Bitcoin falling on a top exchange reporting issues isn’t exactly unprecedented or baseless.
The crypto market is one based on emotion, where news events can cause dramatic moves in the market. The leading exchange suddenly falling to a potential cyberattack may have been seen as a sign of weakness, resulting in traders selling their Bitcoin stashes.
Also, as this writer explained in a tweet regarding the situation, Bitcoin has historically moved on the maintenance of a top exchange; in August of 2018, BTC surged $300 within a minutes’ time after BitMEX began a scheduled maintenance session, then returned to normal as the effects of the brief shutdown wore off.
These things considered, it isn’t out of the realm of possibility that BTC’s 2% drop from $8,740 to $8,560, which was explained earlier, was triggered by this Bitfinex news.
Featured Image from Shutterstock
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Nick Chong
Since 2013, Nick has shown interest in Bitcoin and cryptocurrencies. He has since become involved in the industry as a full-time content creator, working for NewsBTC, Bitcoinist, LongHash, among other outlets. Aside from covering...

Bitcoin Fractal Indicates a Massive Price Crash to Below $3,000

Bitcoin is at the risk of crashing below $3,000 as a historically accurate bearish indicator screams ‘sell’ for the first time since July 2018.
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Bitcoin eyeing deeper bearish correction after Death Cross formation | Source: CryptoHamster
The benchmark cryptocurrency’s 50-weekly moving indicator slipped below its 20-weekly moving indicator on Thursday, leading to the formation of a Death Cross. Popular market analyst CryptoHamster noted that its formation in 2018 prompted bitcoin to fall by 53 percent. In another instance from July 2014, traders had crashed the price by circa 67 percent.
“Only twice in the whole history of bitcoin, there were bearish crossovers,” CryptoHamster said. “[The] first time after that there was a drop by ~67% and the second time – by ~53%. The third crossover has been printed [Thursday].”

Floors and Ceilings

The statements came at the time when bitcoin is undergoing a lengthy bearish retracement from its overarching uptrend. As of 1139 UTC Friday, the cryptocurrency was down by 18.5 percent from its year-to-date high of circa $10,522. Most analysts agree that it fell in tandem with global stock markets – against the fast-spreading Coronavirus panic.
The downside sentiment, meanwhile, received backlash from bulls who believe bitcoin could grow as it sets to undergo a 50 percent supply rate cut this May. So it appears, the cryptocurrency – indeed – was trading near its important support levels while waiting for traders to “buy the dip.”
NewsBTC covered one of such key floors in an analysis. As shown in the chart below, the risk of bitcoin falling below $4,000 is higher if it breaks below the 50 WMA. Again, what’s supporting the prediction are fractals from the past.
bitcoin, cryptocurrency, crypto
BTC/USD testing blacked and bolded 50-WMA for a rebound | Source: TradingView.com, Coinbase
Meanwhile, Bitcoin’s Relative Strength Indicator (RSI) broke below a key support level as well. As the chart shows, traders’ bearish bias remains higher if the RSI stays below 53. Conversely, a jump above 53 shows a likelihood of improving upside sentiment.
A pullback accompanied by higher volume from here could mean bitcoin is attempting to evade the bearish sentiment. That could overall negate CryptoHamster’s brutal crash prediction.

Bitcoin 2020 Scenario

Investors will be hoping that central banks introduce cushion policies to offset the impact of Coronavirus on global stock markets. That would mean more cash injection, cheaper loans, and intensive repo programs. Such moves could allow traders to use the new money to enter the bitcoin market.
As of now, traders need higher liquidity. It explains why even a globally perceived safe-haven Gold is falling this week. Hedge funds and other big players are merely balancing out their portfolios after facing extreme losses in the stock market. Bitcoin does not stand a chance against such a gloomy environment.
The cryptocurrency is still up by 23.57 percent on a year-to-date timeframe.
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Yashu Gola
Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN...

Why Bitcoin Holding This Crucial Level Will Set Stage for “Parabolic Advance”

The past few days haven’t been too kind to Bitcoin, to say the least; the leading cryptocurrency has retraced (some have called it more of a crash) from $10,000 to as low as $8,520 in a dramatic fashion, liquidating millions of dollars worth of BitMEX positions. 
Despite this, analysts remain optimistic. In fact, one top analyst, who has been calling the recent twists and turns of digital asset prices rather well, recently suggested BTC could be on the verge of a “new parabolic advance.”
The catch? Bitcoin will need to hold a key level.

Bitcoin Needs to Hold This Key Level to Confirm Parabolic Rally

While Bitcoin seemingly moves without rhyme or reason, the cryptocurrency has long-term trends it seemingly confirms time and time again. One such trend is BTC holding the 21-week exponential moving average — a popular moving average used by analysts to determine an asset’s directionality.
According to CryptoWolf, Bitcoin holding this level (currently at $8,750) in the coming weeks will be crucial for the asset moving forward: “Bitcoin holding the 21WEMA, or this EMA ribbon if you prefer, would mean the start of a new parabolic advance.”
Indeed, he shared the below chart, indicating that the previous bull run that took BTC from $1,000 to $20,000 was punctuated by consistent bounces off the 21-week EMA.
There are reasons to believe Bitcoin will hold $8,750 and wherever the moving average moves to in the coming weeks.
One such reason is the below analysis from this writer, which shows that when the VIX (the CBOE’s volatility index derived from S&P 500 options data) passes 30, BTC has found itself near a bottom (both local and macro bottom) on at least three occasions.

Where Will the Crypto Market Trend To?

While the jury is still out on where exactly the next parabolic bull run will take BTC, the consensus is a fresh all-time high of at least $50,000.
The stock-to-flow model, created by an institutional quantitative analyst, equates Bitcoin’s scarcity, derived from the above-ground supply divided by the rolling issuance of the coin, to the asset’s market cap. It determined, to a 95% R squared, that after the BTC block reward reduction in May 2020, a coin will have a fair value of anywhere between $55,000 to $100,000.
GeertJancap, a Twitter user interested in disruptive technologies, noted that according to a transfer function model Bitcoin’s price action, BTC’s price will catch up to the fair value suggested by the model a year after the halving in the middle of 2021.
There’s also been some talk of even greater prices than $50,000. For instance, Tim Draper — a legendary venture capitalist known for his bets on Bitcoin, Tesla, Coinbase, SpaceX, and other plays — recently told CNBC he expects for BTC to hit $250,000 by late-2022 or early-2023, just 36 months away.
Featured Image from Shutterstock
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Nick Chong
Since 2013, Nick has shown interest in Bitcoin and cryptocurrencies. He has since become involved in the industry as a full-time content creator, working for NewsBTC, Bitcoinist, LongHash, among other outlets. Aside from covering...

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