Bitcoin Still Primed For Another Leg Up — Price Analysis

  • LTF (Low timeframe) trend: The local uptrend is being held at resistance but healthy
  • MTF trend: Downtrend may be challenged soon
  • HTF trend: Uptrend is strong and intact

Bitcoin (BTC) has had a good week, putting in a low in its local downtrend and a surge up to follow. This surge can translate into something greater, but that hasn’t happened yet.

On the daily chart, we first see that Bitcoin has closed (just) above the 55 EMA. This is a healthy accomplishment for the BTC chart, and we see the EMA configuration starting to trend toward bullish (that is, smallest EMA on top). It was held, though, at the 21 EMA, and we might need to see the 8 retested today.

closed just at the 55BTC chart by TradingView

Volume surged in yesterday, but there doesn’t seem to be much follow through yet today. As we discussed yesterday, Bitcoin still has a lot of work to do in order to clear out the MTF downtrend – and until it does, it’s still in a downtrend. We should see the 21 EMA taken in the next few days, or Bitcoin will probably resume that trend.

Moving to the 4-hour, we see that Bitcoin has held out the night between the 8 EMA and the resistance zone at around $9,150, with definite market awareness at the 8. As we discussed yesterday, we basically need to see another leg up to start considering the MTF downtrend challenged.

Will we see it? I dunnoBTC chart by TradingView

The RSI is strong here, growing with price on the second leg up. The histogram also looks like it may continue a bullish expansion up – although lately these profiles have been switching rapidly.

Finally, on the 3-day, we can note that Bitcoin has regained a critical inflection level at about $9,100. This level has served as an important hurdle in the last nine or ten months, both to the upside and the downside.

$9,100 has been retaken for nowBTC chart by TradingView

The prognosis remains the same essentially, since yesterday. The MTF downtrend is being pressured, but it’s not yet cracking. Watch this space

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

Luxury Cars and $15 Million in Crypto Seized in Chinese Arbitrage Scam Bust

Michael LaVere
  • Chinese authorities seized $15M in crypto and several supercars following scam ring bust.
  • The group was allegedly operating an arbitrage scam that promised users fake Huobi Tokens. 

Chinese authorities have reportedly seized more than $15 million in crypto-assets and $2 million in supercars after busting up an arbitrage scam selling counterfeit tokens. 

According to a report by China’s Ministry of Public Security, police in the city of Wenzhou arrested 10 individuals connected to operating a fraudulent cryptocurrency scheme. The report claims the arbitrage group was scamming victims using blockchain smart contracts to generate fake cryptocurrencies. 

Following the bust, authorities seized bitcoin, ether, and tether worth over 100 million yuan ($15 million). The report also claims police seized several supercars, including a Ferrari and a McLaren valued at more than $2 million, in addition to the luxury villa in which the scammers were staying. 

The arrested individuals had reportedly operated a smart contract scheme since 2019, which advertised a blockchain product that claimed to generate Huobi’s native token HT. Unsuspecting consumers were promised the tokens would generate arbitrage opportunities worth a return of up to 8%. 

One victim, identified as Li in the report, first notified police after joining a Telegram group belonging to the scam artists. 

Li told authorities, 

Simply put, you send one unit of ETH to a designated address, you will receive 60 HT. And then you can sell it to gain the difference.

Featured Image Credit: Photo via Pixabay.com