8th June - Crypto Technical & Market Watch
Stolen Bitfinex BTC Is on the Move
In a series of transactions beginning at 06:00 UTC Friday, 172.54 BTC or about $1.37 million moved from a wallet that had previously held funds taken in the 2016 Bitfinex hack. The theft, which cost the exchange $60 million, remains unsolved.
Vancouver Saw the First-Ever Bitcoin ATM. Now Its Mayor Wants to Ban Them
Bitcoin ATMs have become “an ideal money-laundering vehicle,” according to the Vancouver Police Department, prompting a proposed city-wide ban by the mayor, and potential federal legislation, The Star reports.
The 76 machines within the city limits have come under police fire twice already this past year due to perceived regulatory issues. Though, most recently in February 2019, Sergeant Alvin Shum took aim not only at Bitcoin ATMs, but also the ideological underpinnings of blockchain generally.
Reserve Bank of India Denies Involvement in Draft Bill to Ban Cryptocurrencies
The Reserve Bank of India is denying any knowledge of a proposed ban on cryptocurrencies — despite reports that a number of governmental agencies have backed the draft legislation — according to a Right to Information request filed on June 4.
Varun Sethi, a lawyer specializing in blockchain, filed the inquiry into the RBI’s involvement with “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019″ draft, following a report from the Economic Times. The legislation would ban the sale, purchase, and issuance of all types of cryptocurrencies.
Bitcoin (BTC) has been trading at support of $7,413.46 for the past two days. There might be a consolidation in the near term.The chart is also showing the possibility of pattern will complete on a breakdown with target objective of $5,371.12. We will not become overly negative but will remain cautious.This pattern will be invalidated if the pair breaks out of the head at $9,053.12. A retest of the highs at $9,053.12 is likely. The failure of a negative pattern is a bullish sign. Hence, if the bulls sustain the price above $9,053.12, a quick rally to $10,000 is probable.
Ethereum (ETH) is currently range bound between $225.39 on the downside and $280 on the upside. A breakdown of $225.39 can sink the ETH/USD pair to $167.20. If the bulls propel the resistance of the range at $280, it can move up to $322.06, which is likely to with challenging road blocks.We will wait for the pair to bounce from $225.39 before suggesting fresh long positions.
A breakout of resistance at $0.45 has a target objective of $0.57259. If this level is crossed, the rally can extend to $0.62.The pair has strong support at $0.35660 and below it at $0.27795.Therefore, traders can retain the stop loss on the remaining long position at $0.35. We will trail the stops higher within the next few days.
The cryptocurrency is finding support closer to $360 but the bulls are struggling to sustain the price.This shows a lack of demand at higher levels.This suggests a balance between the bulls and the bears. If the BCH/USD pair sustains above $349, the bulls will try to push it towards the resistance.if the pair plunges below $360, it can drop to the support of $ 349.We remain neutral on the cryptocurrency.
Disclosure: The author holds no cryptocurrency at the time of writing.
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