Bitcoin Still Holding Its Medium Uptrend as Golden Cross Crosses — Price Analysis

  • LTF (Low timeframe) trend: Possibly at end of uptrend
  • MTF trend: No clear trend here
  • HTF trend: Definitely up

Bitcoin (BTC) is still looking strong, with some bullish signs coming in to coincide with defense at a clear uptrend support line. $10,200 is emerging as an important level, as the leading crypto decides if it needs a longer period to cool off from its blistering uptrend.

Starting on the 4-hour chart, we see that Bitcoin’s bounce yesterday off of both horizontal support and uptrending support has, for now, staved off thoughts of a MTF downtrend. This bounce is so far rejected at $10,200, a local high from a couple of weeks ago.

a rangebound price action heading for the uptrendBTC chart by TradingView

Taking this level will eventually become necessary in order to stay on-trend. Until then we could see some consolidation between that level and the uptrend. The RSI is recovering and starting to put in higher highs and lows again.

Turning to the daily chart, we see that the LTF downtrend was halted at the 21 EMA after a deep buy wick pushed price back above the average for the close. This was followed by a powerful bullish engulfing candle yesterday that pushed price back over the 8 EMA.

Some bullish signs hereBTC chart by TradingView

This is certainly an auspicious outlook. It was looking before as if Bitcoin was going to enter a corrective period and/or a MTF downtrend, but now there is plenty of paint on the chart to suggest otherwise. The histogram has put in the first bar of a reversal, and today’s close will give us a better picture of where momentum is heading.

The other piece of news today is the Golden Cross, which has completed. We discussed the importance of this at length a few days ago with a full history and analysis of Bitcoin’s crosses; and here we see that, in a slight disappointment, the two moving averages are not quite both pointing in the same direction; however, it does complete a likely three-sequence of crosses which usually results in an extended trend in that direction (in this case, up).

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

Featured Image Credit: Photo via Pixabay.com

Bitcoin Investors Reportedly Lose Millions in South African Exit Scam

Michael LaVere
  • VaultAge Solutions CEO Willie Breedt is being accused of making off with millions in investor bitcoin.
  • Breedt allegedly fled the country for Mozambique and has not communicated with investors since December 2019. 

South African cryptocurrency investors are accusing the CEO of VaultAge Solutions of stealing millions in crypto before going on the run. 

According to a report by AllAfrica, Willie Breedt, the CEO of cryptocurrency investment firm VaultAge Solutions, is presumed to be on the run after not making public communications since December 2019. The report claims Breedt was speculated to be staying near the town of Jeffrey’s Bay and that his whereabouts where being looked into by the country’s criminal investigation unit. 

However, South Africans who invested cryptocurrency with the now-defunct firm fear the CEO may have fled the country for Mozambique. 

Breedt is accused of stealing millions from bitcoin investors. The report claims VaultAge Solutions is not registered as a legitimate financial institution with the Financial Services Conduct Authority (FSCA), despite having more than 2000 investors. 

The report quoted investor Lettie Engelbrecht from Krugersdrop, 

We are pensioners and invested R200 000. From December until April, we received payments on the growth of our investment. Since then, we never got any money. We are desperate and living on a shoestring budget.

One South African investor reportedly had deposited more than R6 million ($342,000) with Breedt’s company. 

Breedt delivered a written reply to local outlet News24, explaining, 

I am busy attending to the commitments I have made to members. The commitment is to have all the initial capital paid back by 31 May.

Colonel Katlego Mogale of the Directorate for Priority Crime Investigation (DPCI) said authorities are investigating the case but cannot reveal any more information “at this stage.”

Featured Image Credit: Photo via Pixabay.com