Here’s a summary of what’s been going on in the cryptocurrency market in the past few days. Coinbase and Binance exchanges make some changes to their products while Bitcoin continues its consolidation below the daily Ichimoku cloud.
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BTC/USD Technical Analysis
Bitcoin has been trying to erase last Thursday’s sharp drop one step at a time, gaining around 1% per day in the past few days. But looking at the BTC/USD daily chart, the price remains beautifully under the Ichimoku cloud, while being supported by the $6,000 psychological level. The future cloud remains bearish, signaling we could still see further drops in Bitcoin price.
The upper range of the consolidation is the pivot point at around $6,722, which also falls on the top band of the Ichimoku cloud.
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Coinbase Makes Some Changes
San Fransisco-based exchange, Coinbase confirmed it’s shutting down its new crypto index fund due to lack of industrial interest. Instead, it’s shifting its focus to a new retail product. The Coinbase Index Fund offered an easy way to invest in a fund consisting of all Coinbase’s different crypto assets. But it turned out that the product wasn’t generating enough revenue, so it needed to be shut down. On the other hand, the exchange added a new cryptocurrency, 0x (ZRX) to its trading platform on Thursday, in addition to the existing cryptos including Bitcoin (BTC), Bitcoin cash, Ethereum, Ethereum Classic, and Litecoin.
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Binance Delists 4 Cryptos
Meanwhile, Malta-based exchange, Binance decided to delist four cryptocurrencies, including Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN), and Triggers (TRIG). Customers have until Nov. 12 to withdraw these coins and tokens from the crypto exchange. The week ahead may bring more volatility to the cryptocurrency market, so plan in advance, invest responsibly, and subscribe to get more updates! As the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio.
Don’t forget to complete your risk management due-diligence before developing your investment strategy.