The market crab continues; Fear of crypto winter sets in as companies prepare for an extended bear market; Plus our weekly BTC and ETH analysis
- Coinbase Rescinds Job Offers Amid Fear of Crypto Winter
- Bitcoin/USD – Bitcoin Chop Fest
Coinbase Rescinds Job Offers Amid Fear of Crypto Winter
Last Thursday, Coinbase announced that it was pausing hiring “for the foreseeable future” due to the current market conditions. In addition to putting a hold on bringing new candidates in, Coinbase also rescinded job offers from people who had already accepted them but had not yet started work. Coinbase’s chief people officer L.J. Brock explained in a blog post that “a number” of affected individuals would be informed that they no longer had a job waiting for them. L.J. Brock stated “This is not a decision we make lightly, but is necessary to ensure we are only growing in the highest priority areas.”
Brock also stated that the company takes “responsibility for the experience of those impacted” and the company’s decision was not a reflection of the talent of the people it had offered jobs to. The executive said Coinbase would extend its “generous severance philosophy” to those affected by the decision to help mitigate some of the financial impact it had on prospects, but he did not go into detail as to what that philosophy entailed. Coinbase will also offer the candidates it pulled jobs from access to a talent hub to help them connect with other jobs.
Coinbase had originally planned to triple the size of the company, but to date has lost more than 70% of its value as cryptocurrencies have plunged.
Bitcoin/USD – Bitcoin Chop Fest
BTC Daily Chart
BTC Weekly Chart
At the time of writing, Bitcoin is priced at about $29.6k and has continued to provide nothing but grade A chop for impatient traders. Last week we spoke about Bitcoin breaking out of a range, but it ultimately deviated back within the range. The daily area has been very choppy and unclear as it dances back and forth between the $30k support/resistance line. The better time frame for a more clear signal lies within the weekly/monthly timeframes in my opinion.
On the weekly time frame it seems as if Bitcoin has closed below the $30k level, retested the level without a close above, and I would expect for this week’s candle to push away from the $30k level to lower prices. However if price were to reclaim the level that would be bullish because it shows buyers are stepping in.
Bitcoin Bull Scenario
Bitcoin reclaims the $30k – $32k level on a weekly closing basis and a move up to $34k is in the cards.
Bitcoin Bear Scenario
Bitcoin does not reclaim the level and ultimately pushes down to the next support level.
ETH Daily Chart
ETH Weekly Chart
At the time of writing, Ethereum is priced at 1.7k and has formed a descending triangle pattern on the daily time frame which is a bearish pattern. On the weekly time frame, ethereum is showing a similar setup to that of bitcoin in that it has had a weekly close below the level, a bearish retest, and a weekly candle that at the moment seems like it wants to push lower away from the 1.8k support level.
Just like the bitcoin setup, if ethereum can manage to reclaim the 1.8k level on a weekly timeframe, that would be a bullish signal.
Ethereum Bull Scenario
Ethereum reclaims the weekly support level located at $1.8k and I believe higher prices would follow in the coming week
Ethereum Bear Scenario
Ethereum does not reclaim the level and pushes down to its next support level located at $1.4k