Red flags were raised as news surfaced that some exchanges have reported obscure trading volumes being on their platforms.
BitForex, a Singapore based platform that started 4 months ago is reporting daily transactions that exceed $5 billion. Which is nearly matching the London stock exchange, despite stumbling crypto prices and slowing activity on established platforms.
Some market participants are suspecting that these exchanges are offering incentives that encourage users to inflate their volumes or the exchanges in question are not doing enough to stop abuse on their platforms.
The problem and inconvenience lie yet again with the client or investor being lured to these exchanges under false pretences as cashing out at prevailing market prices may prove much harder than reported.
In this note you will find my technicals and charts on Bitcoin and Ethereum.
Looking at the chart of Bitcoin
Bitcoin is still pretty much trading sideways within the $6879 resistance level and $6120 support level. The price action is testing the $6120 per coin level and if we see a break from this level the price is expected to move lower to $5754 per coin. The overall trend is still down, and the current price is trading below the 50-simple moving average (SMA).
Chart Source: MetaTrader 5
Looking at the chart of Ethereum
The price action of Ethereum is still in a downward trend since the May 2018 and it looks like there is still more downside to come. The price action found some resistance at the $251 per coin level and is currently selling off from there. Target price for a short trade would be $147 per coin if the resistance level holds.
Chart Source: MetaTrader 5
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