Coinbase Hit With Outage As Bitcoin Price Bitcoin: USD/BTC (BTC=X) Drops

Coinbase Hit With Outage As Bitcoin Price Bitcoin: USD/BTC (BTC=X) Drops

Coinbase Hit With Outage As Bitcoin Price Bitcoin: USD/BTC (BTC=X) Drops

Crypto exchange Coinbase experienced a brief outage Wednesday afternoon, with both its website and API rendered temporarily inaccessible, as the price of bitcoin dropped more than $1,700 in the span of 15 minutes.

According to Coinbase’s status page, the exchange reported major outages across its website, mobile apps and API, though its internal systems appeared to be functional during that period. When reached, a spokesperson told CoinDesk: “We’re back up.” At 5:17 ET, the exchange’s status page noted: “A fix has been implemented and we are monitoring the results.”

According to its website, trading app Robinhood also reported issues with its crypto trading service.

The platform was rendered inaccessible on mobile and desktop browsers around 20:45 UTC. Bitcoin’s price, which saw a high of nearly $13,900 on Wednesday, fell over the past hour, dropping as low as $11,900. BTC’s price was at about $13,685 just prior to the fall, hitting $11,908.11 before bouncing back upwards — a difference of roughly $1,785. Despite recovering back above $12,000, the price is currently hovering at roughly $11,920 as of the time of publication.

According to data BitMex, nearly $250 million in volume traded hands in a 5-minute period surrounding the initial price drop, with nearly $690 million in volume trading across 15 minutes after the drop began across its XBT/USD perpetual swap contract market.

Bitcoin’s price has been on a tear across the last week, coming close to 18-month highs above $13,000 earlier in the day. The price was hovering around $9,000 one week ago.

Overall, the bias in prices is: Upwards.

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

By the way, prices are vulnerable to a correction towards 9,164.94.

The projected upper bound is: 13,997.15.

The projected lower bound is: 11,814.99.

The projected closing price is: 12,906.07.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 9 white candles and 1 black candles for a net of 8 white candles. During the past 50 bars, there have been 35 white candles and 15 black candles for a net of 20 white candles.

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.

Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.

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 74.5368. This is not an overbought or oversold reading. The last signal was a sell 1 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 85.95. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 9 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 142.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 20 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 buy 12 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 62.670 at 12,768.670. Volume was 66% below average (consolidating) and Bollinger Bands were 208% wider than normal.

Open High Low Close Volume___
12,723.75013,345.25011,669.21012,768.670 28,829

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period     50-period     200-period
Close: 10,722.61 8,527.84 5,227.20
Volatility: 74 80 68
Volume: 84,056 90,585 77,839

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 144.3% 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 very strong flows of volume into BTC= (bullish). Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 8 periods. Our momentum oscillator is currently indicating that BTC= is currently in an overbought condition.

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