Bitcoin Blasts to Nearly $12k, Closes Week Strong - Price Analysis

  • Short term: pullback near $12k likely; if $12k is broken, strong buy
  • Long term: 2019 uptrend looking ever stronger

For the last few days, Bitcoin (BTC) has been steaming solidly up after a decent bounce off of the important $9,400-500 support level. Now, after breaching the likewise important $10.6k resistance zone, BTC has exploded up to nearly $12,000.

We first look at the weekly closing. Last week has closed well above the prior, forming a bullish engulfing candle close. This close probably gave the market confidence to pile in during today’s trading.

Strong weekly close, but volume is still lacking overallBTC chart by Trading View

But we can qualify this bullish price action. For one thing, the volume has not exploded (Coinbase exchange) in tandem with price. For another, we can pick up a bearish divergence on the weekly RSI: higher price lows are met with lower RSI lows. The histogram, however, is flattening out nicely.

Getting down to the action, we look at the 4-day chart. Breaching and retesting the resistance zone around $10,600 was the catalyst for a strong push up, along with the bullish weekly close.

Some overbought conditions, volume on the declineBTC chart by Trading View

$12,000, like $13,000 on the last cycle, may not give way at this time. The histogram is flattening out, and the RSI here is quite overbought. A pause here seems likely; and if we look at the 12-hour chart we see why.

On the 12-hour, the clear formation of a downward channel suggests that the present pump may already be at an end, near $12,000. If price were to break out here, it would break completely clear of the local, post-May market structure. This could certainly happen, although the volume profile has not broken out of its own trend.

Good chance of rejection -- but you never knowBTC chart by Trading View

This general decline in volume suggests a period of consolidation - which has not ended until volume breaks. Even if price does not break out here, however, it would be extremely encouraging to retest the important 66 exponential moving average (EMA), which has been a critical moving average on the 12-hour chart during Bitcoin’s 2019 bull market.

In total, Bitcoin’s continued press above many critical levels is solidifying the notion that the July retracement period is over, and that Bitcoin’s full uptrend will soon resume. A break now of $12,000 would all but confirm that; and if not, a successful retest of $10,600, or even just $10,000 would continue to encourage that narrative.

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

Crypto Scammers Responsible for $24 Million in Bitcoin Theft Through First Half of 2020: Report

Michael LaVere
  • New Whale Alert report shows crypto scammers have raked in $24 million in bitcoin through the first six months of 2020.
  • One scammer leveraged YouTube advertising to steal $130k in BTC per day. 

Crypto monitoring service Whale Alert has published a report showing that crypto scammers are responsible for $24 million in bitcoin theft through the first half of the year, including the exploitation of YouTube advertising. 

According to the report “Chasing Crypto Criminals” published July 10, cyber-thieves are finding easy prey in the form of bitcoin and other crypto-asset investors. Whale Alert summarized its exhaustive reviews of hundreds of websites and thousands of reports of theft as “crypto crime pays. A lot.” 

Whale Alert claimed there was little risk involved for crypto-based criminals, despite the massive economic impact being imposed on victims. The report confirmed at least $38 million in bitcoin alone being stolen via scams over the past four years, excluding the use of Ponzi schemes. 

The report reads, 

Some of the most successful scams made over $130,000 in a single day with nothing more than a one page website, a bitcoin address and a decent amount of YouTube advertising.

Whale Alert outlined another scam which brought in $1.5 million over six months through promoting a fake cryptocurrency exchange. The report claims the advertisement took victims to an “amateurish website riddled with spelling errors,” before tricking users into depositing their funds. 

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