ByBit
0
📈 Price Predictions
109 views

Bitfinex Is Down: Fret Not, It’s Just Maintenance… Or Is It?

  • Thomas Hughes
    📈 Price Predictions

    Bitfinex servers went down and the website displayed the message “Scheduled Downtime – Back Soon”

Bitfinex Is Down: Fret Not, It’s Just Maintenance… Or Is It?
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.

Monday, Jan. 7, 2019, Bitfinex servers went down and the website displayed the message “Scheduled Downtime – Back Soon”. According to the cryptocurrency exchange, the maintenance was planned, and part of an attempt to upgrade “from the AWS cloud to a self-designed infrastructure optimized to high volume trading”.

However, some voices in trollboxes around the web were quick to speculate that Bitfinex is down for other, more obscure reasons. For now, there’s no evidence that Bitfinex is experiencing any sort of problems and we expect them to be online soon. Although Bitfinex is one of the largest exchanges, the price of Bitcoin hasn’t been affected in a negative manner by the downtime, and it’s even testing the key $4,000 mark.

i

Currently trading around $4,030 (aggregate price, CoinMarketCap), Bitcoin has posted gains of more than 4% for the last 24 hours and almost 6% over the last 7 days. Most of the gains came yesterday, in a surge that lasted just a few minutes and took price above the 200 Exponential Moving Average on a 4-hour chart.

The quick move up could be attributed to low liquidity generated by the beginning of the new year or to whales moving large amounts of Bitcoin but either way, a key technical element was broken (200 EMA) and this will likely facilitate additional moves to the upside. Keep in mind that the RSI has already touched 70 (overbought) and is turning down, which means that we may see a pullback.

Support zone: 200 EMA (4-hour chart), 3820, 3700 (depending on your exchange, these numbers could be different, but the charts look almost identical)

Resistance zone: all round numbers above current levels (i.e. 4100, 4200, 4300, etc.)    

Most likely scenario: drop into 200 EMA followed by a move into 4100

Alternate scenario: sideways movement; no follow up to the weekend surge

The fastest way to get crypto news is to follow our Twitter. You won’t miss a thing! Subscribe.

About the author

Thomas Hughes is an executive editor of U.Today. He is a skilled cryptocurrency trader and technical analyst deeply immersed into the cryptocurrency & blockchain technology area.

TOP TRADING BOTSPromoted
Recommended articles
CLOUD MININGPromoted
0
📰 News
55 views

Bitcoin Price Slashed to $6K. Is This Best Black Friday Sale?

  • Alex Dovbnya
    📰 News

    Bitcoin finally gets its big holiday price cut the bears have been eagerly waiting for

Bitcoin Price Slashed to $6K. Is This Best Black Friday Sale?
Cover image via 123rf.com

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.

Even though Black Friday is expected to start on Nov. 29, it's arrived early in the world of crypto. The Bitcoin price has just dropped to as low $6,880, its lowest price level since May.

This is now officially the biggest discount since Sept. 25 when Bitcoin plunged from $10,000 all the way down to just $8,000. 

👉MUST READ

Bitcoin Price May Drop to $6,800 but Small Bullish Reverse Is Likely: Crypto Analysts

Bitcoin Price May Drop to $6,800 but Small Bullish Reverse Is Likely: Crypto Analysts

Multiple crypto influencers suggest that Bicoin's steep fall, which was driven by the China crackdown news, could be a good opportunity to stack more sats instead of buying another tablet on Amazon. 

Bitfinex CTO Paolo Ardoino says that BTC is incredibly cheap today even though shoppers have to wait one week more for Black Friday. 

👉MUST READ

Bitcoin Is Forming "Very Ominous" Price Pattern, Gold Will Be Fine: Peter Schiff

Bitcoin Is Forming

Crypto analyst Ronnie Moas points out that the Bitcoin price is down by more than 50 percent, which would be one of the deals you could find during the upcoming shopping pandemonium. He also states that it would be interesting to see how things play out next year since the fair value of Bitcoin should be around $28,000.

As reported by U.Today, market analyst Willy Woo warned Bitcoin bulls that the top cryptocurrency might not go parabolic after the next halvening given how bearish its price action was. 

Subscribe to the official U.Today Telegram channel. Get news first!

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.

TOP TRADING BOTSPromoted
Recommended articles
CLOUD MININGPromoted