Bitcoin is currently trading above 9300$, and World’s largest exchange Binance is gearing up its 12th Initial Exchange offering session tomorrow. We have noticed a significant price change in bitcoin on previous launchpad sessions. Looking at current Bitcoin price action, and increased open interest on Bitmex – we could expect a major move soon most probably tomorrow or day after tomorrow.
Let’s look at how bitcoin price performed during last 5 Launchpad sessions:
We have compared the last Four launchpad sessions on this chart to track Bitcoin’s price performance during these sessions. Bitcoin saw an average 6% drop during the last four launchpad sessions.
- TROY Launchpad
Session Date: 4-12-2019
Price Performance: Bitcoin dropped by 8.8% on Launchpad Session Day.
- KAVA Launchpad
Session Date: 24-10-2019
Price Performance: Bitcoin dropped by 10.35% a day before the launchpad session.
- BAND Launchpad
Session Date: 17-9-2019
Price Performance: Bitcoin witnessed a moderate 1.5% drop.
- PERLIN Launchpad
Session Date: 25-8-2019
Price Performance: Bitcoin dropped by 4.14% on launchpad day.
Bitcoin Price is currently moving in an uptrend channel on the daily timeframe. Looking at current bullish momentum on the lower time frame, I can expect bitcoin to move towards the 9800-9900$ area and test the top of this uptrend channel, and find a rejection from there. Based on rejection: we can expect bitcoin to find support around 8500-9100$ area. 8500$ is an unfilled CME GAP- which might get filled during this drop. Open interest is sitting close to 1B$ on Bitmex is also suggesting a deeper pullback soon.
Update – 5/2/2020
Bitcoin price dropped by 4.23% after getting rejected at 9600$ on the 12th Binance launchpad session that happened on 3rd February.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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