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Bitcoin Trader: Sell Orders on Coinbase Indicate a Big Drop Is Imminent

ByBit
  • Joseph Young
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    Limit sell orders have increased to September levels, when the bitcoin price dropped from over $10,000 to $7,700.

Bitcoin Trader: Sell Orders on Coinbase Indicate a Big Drop Is Imminent
Cover image via www.123rf.com

According to cryptocurrency trader Jacob Canfield, limit sell orders have increased to September levels, when the bitcoin price dropped from over $10,000 to $7,700.

“Limit sells hitting Coinbase that are similar to what saw back in September before the big drop. A good sign of someone taking profits and a solid sell signal. Usually accompanied by spoof orders on Bitmex to prop the price up,” said Canfield.

The bitcoin price has been ranging from October 27, unable to demonstrate a clear short term trend with a relatively high level of volatility.

Sell pressure rising, will the bitcoin price see a deep pullback?

Technical analysts have been largely divided on the outlook of the cryptocurrency market as of late.

Some, including Bitazu Capital partner Mohit Sorout, have said that bitcoin had several chances to drop below the $9,200 support level throughout the past week, but a consistent increase in buy orders strengthened the support area.

If you were optimistic at 3.6k $BTC it only makes sense to be uber bullish here at 9.3k like thecryptodog-esque bullish. pic.twitter.com/Oi4HQYFLKG

— Mohit Sorout 📈 (@singhsoro) November 5, 2019

However, other traders like Mayne have noted that the short trend of bitcoin remains undecided and it is quite possibly in a critical juncture wherein a large move is likely to occur. The trader said that if the bitcoin price struggles to defend $9,200 as a key support area, it is highly likely to drop to the mid-$8,000 region, possibly down to the $7,700 level once again.

BTC chart
XBT/USD Chart by TradingView

“Bulls want to see a daily close thru $9350 and a reclaim of the grey OB ($96xx) for continuation to $10500. If we lose $9085 I think we see a move to $87xx and possibly lower. As mentioned yesterday, if we break down from here I'm buying dips,”
he said.

Uncertainty builds but it’s an important period

In essence, in the upcoming days, traders anticipate that the bitcoin price will print a clearer picture for its direction until the year’s end.

Cryptocurrency technical analyst Josh Rager said that the majority of investors are increasingly leaning towards bullish, as suggested by the rise in the funding rate on BitMEX.

“Funding rate had a major increase overnight, meaning traders are going long & it certainly makes me cautious to be on the side w/ the majority I still lean bullish w/ being over $9200 but certainly do not count out a strong move to the downside even w/ the gap being ‘filled,’”
said Rager.

When contracts on BitMEX and major margin trading platforms lean towards one direction over the other, a cascade of contract liquidations often occurs, sending BTC to the opposite way.

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About the author

Joseph Young is an analyst based in South Korea that has been covering finance, fintech, and cryptocurrency since 2013. He has worked with various recognized publications in both the finance and cryptocurrency industries.

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Bitcoin Is Classic Pump-and-Dump Scheme, Says Peter Schiff

ByBit
  • Alex Dovbnya
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    Gold proponent Peter Schiff thinks that Bitcoin evaporating its 40 percent pump proves that it's a pump-and-dump scheme

Bitcoin Is Classic Pump-and-Dump Scheme, Says Peter Schiff
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Euro Pacific Capital CEO Peter Schiff has come up with a new insult for Bitcoin, calling it "a classic pump-and-dump scheme."

👉MUST READ

Peter Schiff Reacts to Sudden Bitcoin Price Drop: "Get Ready for the Dump!"

Peter Schiff Reacts to Sudden Bitcoin Price Drop:

"You're being played"

Schiff continues to assert that Bitcoin's 40 percent pump on Oct. 25 was the result of price manipulations. The fact that Bitcoin's has completely trimmed these gains in just four weeks definitely flies in the face of bulls.

The gold bug explains that the pump was meant "to sucker in" momentum buyers to dump their bags later. This is supposed to be a wake-up call for all buyers.

Earlier, Schiff lambasted Bitcoin holders for not being able to see through the shenanigans of whales who are selling their coins on the verge of a major price.        

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Bitcoin Price Could Drop to $2,000 or Even to $200, According to Peter Schiff

Bitcoin Price Could Drop to $2,000 or Even to $200, According to Peter Schiff

Other bears are waking up 

Mark Dow, the trader who famously shorted Bitcoin at its current all-time high, recently resurfaced on Twitter with a succinct "Bitcoin is dying" tweet, which came in handy right on the verge of Bitcoin's drop to the $7,500 level.     

While some bulls might be tempted to dismiss Bitcoin price moves recorded on the lower time-frames as "noise," the long-term picture is also gloomy. As reported by U.Today, crypto market analyst Willy Woo opined that Bitcoin might not replicate the success of previous halvening cycles due to its unusual bearishness. 

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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