Zcash Price Declines With Flat Coinbase App Listing
Coinbase listed Zcash (ZEC), a privacy coin, one week ago on Coinbase Pro. ZEC is also live on Coinbase’s trading applications for Android and iOS systems. Though a majority of jurisdictions do not limit their citizens’ ability to trade, there are two – the United Kingdom and New York – that have placed limits on such trading.
Interestingly enough, although Coinbase is often designated as a platform able to drive value, ZEC’s listing has not fared well on the platform. It fell 11 percent over a 24-hour period to $66.50. This is down from the high of $90. Though the decline could be attributed to a weak market, such conditions do not explain the massive selloff that occurred today. The coin has a market cap of $358.3 million and is the 18th largest coin on the ALT100Index
BTCUSD – Weak Corrective Move Headed Into Static/Dynamic Resistance (Weekly chart)
Price Action Context
Since the strong impulsive sell off in November last year, Bitcoin has been trading in a very tight horizontal corrective move, indicating that buyers really aren’t able to gain any ground. Price is now closing in on a static key resistance (top of corrective structure) which coincides with a potential dynamic resistance (20 EMA), creating a confluence.
LT bias is clearly bearish and this weak pullback into the static + dynamic resistance can offer potential shorting opportunities to traders looking to go short.
Key Support & Resistance Zones
R: 4215 – 4500
S: 3200 – 3450
Bitcoin [BTC] success rate was “so tiny” in its early days compared to recent times, says ShapeShift CEO
Erik Voorhees, the CEO of ShapeShift and a well-known influencer, spoke about the cryptocurrency price bubble and the bear market, in an interview for WhatBitcoinDid.
Voorhees stated that this was the fourth time he experienced the cryptocurrency bear market, adding that he has been in the space “pretty much” since the beginning. He further added that the bear market “gets bigger” and “more intense” compared to the previous one as the numbers and the impact are bigger.
Voorhees went on to state that he was the “least worried” about recovering from the 2017 bubble because the industry has made “so much progress,” which has resulted in the evolution of better technology. He said:“[…] I don’t know if markets will get crazy again in a month or in two years but they will get crazy again and so we sit here and we build and we get ready for that […] I mean, you have to understand the perspective I come from like back in 2011, we imagined some day maybe in our fantasies that this industry would be what it is today”
He then went on to state that likelihood of Bitcoin becoming successful was “so tiny” during its initial days, in comparison to recent times.“[…] we are not mainstream yet but we are we are getting there and most people in the world those people in at least in the Western world in modern society are familiar with Bitcoin they’ve heard of it it’s not the strange alien thing anymore.”
Analyst: Bitcoin (BTC) Reaching 5,500 is a Strong Likelihood, But Possibility of Drop to 3,000 Remains
Bitcoin has been experiencing a quiet weekend trading session and is currently firmly in the middle of its long-established trading range between $4,000 and $4,100. It is unclear how long this range will persist, but historically BTC has experienced fairly significant price swings after long bouts of sideways trading.
Now, analysts seem to concur that Bitcoin is posed to make a large upwards swing towards $5,500 in the near future, but it is important to note that the possibility of further downside still remains.
Bitcoin (BTC) Caught in Persisting Trading Range
At the time of writing, Bitcoin is trading down marginally at its current price of $4,020. Over the past several days, BTC’s volatility has been declining as its trading range grows tighter.
Although the upper bound of BTC’s current trading range will most certainly act as a level of resistance in the near-future, the key level that analysts and traders alike are closely watching to see how Bitcoin responds to is $4,200, which is where the crypto faced strong resistance and spiraled downwards from late last month.
Crypto Krillin, a cryptocurrency analyst on Twitter, recent discussed where he sees Bitcoin heading next, importantly noting that he believes the crypto will make an upwards swing towards $5,500 next, but further added that a downside target of $3,000 is still a possibility.
“THE MOMENT OF TRUTH FOR BITCOIN IS VERY NEAR. WE FLY STRAIGHT THROUGH THE CLOUD TO 5500, OR WE VISIT 3000. I’M LEANING BULLISH,” HE EXPLAINED IN A RECENT TWEET.
The moment of truth for Bitcoin is very near.
We fly straight through the cloud to 5500, or we visit 3000. I'm leaning bullish. pic.twitter.com/15a9QWXpKK
— Crypto Krillin ॐ (@LSDinmycoffee) March 23, 2019
$5,500 Becoming an Important Level For Bitcoin
Crypto Krillin is not alone in his belief that Bitcoin’s upside target currently exists around $5,500.
Yesterday, Galaxy, another popular cryptocurrency analyst on Twitter, explained to his nearly 50k followers that BTC is currently nearing the end of an ascending triangle formation, which means that the crypto is, statistically speaking, likely to make a large upwards price swing towards $5,500 in the next month or two.
“ACCORDING TO BULKOWSKI’S STUDY, MORE THAN 60% OF ASCENDING TRIANGLES WITH DECLINING VOLUME END UP BREAKING UPWARDS… WITH AN AVERAGE PRICE RISE OF 35%. THAT GIVES US A TARGET OF $5500 BTC ONCE THE BREAKOUT IS CONFIRMED,” HE NOTED.
According to Bulkowski's study, more than 60% of ascending triangles with declining volume end up breaking upwards
with an average price rise of 35%
— Galaxy (@galaxyBTC) March 23, 2019
As the new week starts and trading volume begins to ramp up, the crypto markets will gain greater insight into just how strong Bitcoin’s current trading range is, and as to where it will head next.