Bitfinex down between 0600 and 1800 UTC – violent volatility ahead. Also, some Bitcoin analysis
If you’re looking for a catalyst for some volatility, the upcoming maintenance on the crypto exchange, Bitfinex, is one of those catalysts. Not too long ago, Bitmex had its downtime and there was quite a lot of activity in the market. That kind of action should be even more violent with Bitfinex. It has a massive amount of traders who are short. This news was just announced via Twitter earlier today – and it matches up perfectly with the time and price cycles we’ve been discussing for months.
Gann Square of 9 Levels
Bitcoin has been ranging between two key support and resistance levels: the 225-degree Square of 9 price of 7168 and the 180-degree Square of 9 price of 6144. And it is currently coming off of the 225-degree Square of 9 date on September 25th. The 25th of September and the 7168 price level form a square in price and time – it is common to observe strong price action around those levels, especially if price is trading near them. It is entirely possible that the Bitfinex downtime is part of the catalyst that begins a major move.
Synodic lines are similar to planetary lines – they are natural measurements of the longitudinal positions of planets. These levels provide natural support and resistance for prices, in addition to key time pivots. The image above is the synodic line of Jupiter and Uranus – I’ve found very few longitudinal synodic levels that are as consistent with support and resistance as the Jupiter-Uranus line. Price is trading just below a harmonic of that line.
This Gann square is unique in its form because it maintains the angle that was generated to square the range. This range is built off the all-time high and connects to the yearly low. We can see that price is sitting on top of an important 22.3-degree angle. From this perspective, it is very much out of sync with time. The blue horizontal line represents equilibrium – which is where price should be at if we were trading in sync with time and price. The further we move away from equilibrium in price and the longer it takes to respond, the greater the move back to it – we’re beyond the time and price level where would observe a slow and steady rise to that value area, the move would be very fast.