Bitcoin Price Pumps and Holds at $6.3K

In a day of remarkable Bitcoin (BTC) price action, the leading crypto hangs in midair following pump after pump. Defying reasonable expectations, the crypto refuses to budge despite having entered a dense and potentially hostile region of resistance.

10 may bitcoin pa(source: TradingView.com)

The composition of the resistance zone, above red, took nearly a year of retesting to break on the downside. It is thus difficult to believe that it will be quickly broken now. (Not financial advice; anything is possible, especially with Bitcoin!)

We can see on the hourly chart below (Kraken chart) that Bitcoin is trending well above its moving averages; and also that volume is clearly dropping during the dramatic price rises of the past couple of days - suggesting that a correction is possible.

10 may bitcoin pa(source: TradingView.com)

Having said that, however, strength on the Relative Strength Index (RSI) is still holding up remarkably well. On the hourly (below) and 4H charts, strength has held and risen, respectively, on the latest two price pumps. Incredibly, this may suggest that Bitcoin can maintain its current position above $6,000.

10 may bitcoin pa(source: TradingView.com)

It may now be time to start eyeing altcoins. Alts have been thrashed, as is typical, during the Bitcoin mini-bull rally of the past couple of weeks, and their extremely depressed prices present juicy buying opportunities - if such buys are carefully timed.

btc10may4.png(source: TradingView.com)

Bitcoin dominance, a key indicator for the altcoins’ prospects, is approaching a key resistance at about 61%. If we see this resistance hold, it might mean some reinvigoration for altcoins. At least one popular altcoin, BAT, has rebounded hard in the last days, exploding as much as 32% against Bitcoin (so, even more versus USD).

10 may bitcoin pa(source: CryptoCompare)

Things look good on the whole.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

Bitcoin Scam Artists are Using Fake QR Code Generators: Report

  • ZenGO published report showing crypto scammers are using QR code generators to steal crypto.
  • Scam websites are showing up at the top of Google searches. 

Researchers have issued a warning that scam artists are using Google search results and QR code generators as a potential avenue for fraud.

Fake QR Code Generators

According to the report by ZenGO, four of the first five Google search results for questions like “bitcoin QR generator,” led to scam websites. Rather than generating new wallet addresses for users, these QR codes lead back to the scammer’s bitcoin wallet ultimately causing theft of BTC. 

The report highlighted QR codes as a particularly malicious method for scammers to target crypto wallets, as users are unable to read or differentiate between addresses.

According to the report, 

These sites generate a QR code that encodes an address controlled by the scammers, instead of the one requested by the user, thus directing all payments for this QR code to the scammers.

The report continues, 

Scammers do not even bother with generating their fake QR themselves, instead they shamelessly call a blockchain explorer API to generate the QR for their address.

ZenGO estimates that the simple scam may have already cost users $20,000 in stolen BTC. The company recommends users avoid googling for QR code generators and instead use a trusted block explorer. They also recommend verifying the address of the QR code before sharing it with others. 

Featured Image Credit: Photo via Pixabay.com