Bitcoin: USD/BTC (BTC=X) Price Manipulation: Binance CEO Reveals Truth About Exchanges Manipulating Prices

Bitcoin: USD/BTC (BTC=X) Price Manipulation: Binance CEO Reveals Truth About Exchanges Manipulating Prices

Bitcoin: USD/BTC (BTC=X) Price Manipulation: Binance CEO Reveals Truth About Exchanges Manipulating Prices

  • Binance CEO Changpeng Zhao said that if exchanges manipulate BTC’s price, it would be “super high”
  • Exchanges usually benefit more when the prices of cryptos are higher because it signifies that there is cheerful trading activity
  • CZ also poked fun at those who got upset over Bitcoin retracing

Bitcoin (BTC) rallying is always a boon for exchanges: more trading volume means more revenue for an exchange. And if there is much hype around the increasing price, it builds the zeal for speculation that attracts both new and old participants, which, again, beefs up the bottom line of exchanges.

But some traders would often find fault with exchanges whenever there’s a sharp fall in crypto prices. Binance CEO Changpeng Zhao or commonly known in the crypto community as CZ, would want to keep prices high as much as possible. That’s perhaps why his Malta-based exchange has a supply-reducing tactic that “burns” existing Binance Coins or BNB in circulation every quarter to bolster prices. BNB is the native token of Binance.

And when it comes to Bitcoin, CZ would prefer the top crypto to be trading at buoyant prices too, and he had made attempts in the past to stir up trading during gloomier times for the crypto. 

But despite this, BTC proceeded to drop 17.5% in November and a further 5% decline in December, which was outside of the norm considering how the last month of the year has always been positive for Bitcoin.

Technical Indicators

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

The projected upper bound is: 10,373.45.

The projected lower bound is: 9,069.22.

The projected closing price is: 9,721.33.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 32 white candles and 18 black candles for a net of 14 white candles.

A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 27.3598. This is not an overbought or oversold reading. The last signal was a sell 7 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 53.52. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 5 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -83. This is not a topping or bottoming area. The last signal was a sell 4 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 3 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 17.561 at 9,672.690. Volume was 85% below average (consolidating) and Bollinger Bands were 8% narrower than normal.

Open     High      Low     Close     Volume___
9,640.0109,707.1009,491.0409,672.690 17,831
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 10,007.26 8,844.69 8,855.64
Volatility: 42 48 56
Volume: 262,024 149,221 99,854

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

FOREX BTC= is currently 9.2% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of BTC= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 44 periods.

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