Bitcoin (BTC) Prices Exciting but Close Above $4,500 DefinitiveMarch 16, 2019
- Bitcoin prices up after upswings in the Asian session
- Traders will start paying maker fees in CoinBase Pro beginning Mar 22
- Transaction volumes likely to increase as Bitcoin prices expand
CoinBase Pro decision to charge maker fees and bar stops on market orders could decrease market liquidity as traders shy away. All the same, Bitcoin (BTC) bulls are back and likely to print above $4,500 in days ahead.
Bitcoin Price Analysis
Prices may be bottoming, but it is fundamental events that are making headlines. Saved by a lenient Japanese court, Mark is a free man and cleansed from customers accusing him of embezzling funds while he was in charge of the now defunct Mt Gox. Then $350 million were lost through hacking, and four years later, the hack of Coincheck forced Japanese authorities to impose stringent rules in a bid to protect end users.
However, it is the decision of CoinBase Pro to restructure and charge maker fees that seem to ruffle investors and account holders. Claiming the decision is aimed at optimizing the market health of the trading platform, the introduction of the 0.15 percent fees for all trades with average monthly trading volumes will likely draw more heat in an exchange that is reeling from another controversial of acquiring Neutrino and listing of XRP.
Note that, it has been two weeks or so when they last had to deal with a campaign urging users to delete their accounts, and this decision will reignite more talk if not trigger migration to other liquid exchanges as Binance.
Spurred by Asian session activity, Bitcoin (BTC) prices are up, trading above $4,000—according to data from BitFinex. After days of accumulation, this is bullish for BTC, and in days ahead we expect prices to edge higher as laid out in our last BTC/USD price analysis.
As mentioned, bulls are technically in charge thanks to bulls of late Dec and early Jan 2019 rejecting lower lows. However, it is once prices rally above $4,500 complete with above average volumes is when conservative traders can ramp up in lower time frames with targets at $5,800 and $6,000.
In line with these events, risk-off traders should fine-tune entries in lower time-frames. After that, they can prepare for price expansion now that today’s bar seems to be realigning and banding with the upper BB.
Feb 18 and 24 bars are the foundation of our analysis. The latter is a bear bar with high transaction volumes—36k. Recent price action is within the bar’s high low. It is after when there is a complete reversal of Feb 24 losses complete with high trading volumes—above 36k is when traders can load up as mentioned above.
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