Bitcoin Cash Price Weekly Analysis – BCH/USD Facing Crucial Resistance
Key Points
- Bitcoin cash price made a nice upside move this past week and traded above $1,100 against the US Dollar.
- At the moment, the BCH/USD pair is attempting to settle below a major bullish trend line with support at $1,200 on the 4-hours chart (data feed from SimpleFX).
- The pair may correct lower in the short term towards the $1,120 and $1,080 levels.
Bitcoin cash price surged higher before facing sellers near $1,375 against the US Dollar. BCH/USD is currently correcting lower and it could retest the $1,080 support.
Bitcoin Cash Price Upside Hurdle
This past week, there was a sharp upside move initiated in bitcoin cash price from the $980 swing low against the US Dollar. The price climbed above the 23.6% Fib retracement level of the last major decline from the $1,764 high to $748 low. The upside move was strong as the price was able to move above the $1,000 and $1,200 resistance levels.
There was even a break above the 50% Fib retracement level of the last major decline from the $1,764 high to $748 low. However, the upside move was protected by the $1,375-80 levels and the 100 simple moving average (4-hours). Furthermore, the price failed to move above the 61.8% Fib retracement level of the last major decline from the $1,764 high to $748 low. At the moment, the price is correcting lower and is trading below the $1,250 level. More importantly, the BCH/USD pair is attempting to settle below a major bullish trend line with support at $1,200 on the 4-hours chart.
If the pair settles below the $1,180 level, it could decline further. The most important support and buy zone on the downside is around the $1,080 level.
Looking at the technical indicators:
4-hours MACD – The MACD for BCH/USD is currently reducing its bullish slope.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is just around the 50 level.
Major Support Level – $1,080
Major Resistance Level – $1,380
Charts courtesy – SimpleFX
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Credit Card Companies Spooked by Crypto Scams
As crypto becomes more popular the number of cyber criminals looking for some easy pickings will increase. Online scams are nothing new but the nature of cryptocurrencies means that those without the technical expertise will be additionally vulnerable. Banks and credit card issuers have acknowledged this which may be the reason behind their buying blockade.
Recently Bloomberg reported that the major players such as JP Morgan Chase, Citigroup, and Bank of America declined crypto purchasing as company executives analyzed ways that customers could get scammed. Officially JP Morgan’s stance is that people may not pay back their credit card debts if the crypto markets fall and they lose out.
ICO Worry
Initial coin offerings, which made $3.7 billion last year, were at the top of the list of concerns. To raise money startups sell tokens at big discounts usually for Ether. A number of bogus ICOs have been reported recently and the fear is that clients will get burnt if they do not research them properly. It can often take days for tokens to be issued and cardholders can dispute the charges causing further problems.
Most major exchanges eschew the tokens but some ICOs still allow credit card purchases. Facebook, which has been a hotbed of scams, recently banned ICO advertising but this has not stopped individuals using the platform to peddle their fraudulent token sales. Kodak warned potential investors last week that phony websites and Facebook accounts are promoting and even claiming to already be selling their planned digital token, Kodakcoin.
Card confidence
Another concern is that fraudsters can open a credit card account with a stolen identity. Using the new card the scammer would be able to accumulate a stash of cryptocurrency and tokens. Genuine credit card buyers are not worried as they’re not using their own funds, one user who bought Bitcoin at the top posted;
“Am I worried? No. I bought it on my credit card through Coinbase and had planned the repayments would be paid out of Bitcoin profits. First payment due in a couple of weeks and I believe we will start to rise up before then.”
Coinbase has recently introduced a ‘cash advance’ fee for credit card usage which effectively adds a 10% tariff to all crypto purchases. In a blog post the company said;
“Banks and credit card issuers may now add cash advance fees to purchases of digital currency. Customers will notice this listed as a separate line item on their credit card statement. These additional fees are not from Coinbase. Because these fees are charged directly by the bank or credit card issuer, unfortunately we don’t have a way of knowing when they might be charged or how much they might be.”
Preventing people borrowing to buy crypto is healthy for the market and less likely to cause the bubble effect we witnessed last month. With only genuine traders and investors funding purchases with their own fiat the ecosystem should start to stabilize somewhat.
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Caught Infraud: Thailand Police Seize 100,000 Bitcoins From Darknet Marketplace
Darknet users are in the crosshairs of law enforcement agencies worldwide. That situation is no different in Thailand, where a lot of criminals tend to go on holiday. One of the biggest darknet kingpins has been arrested by a large team of police officers. Sergey Medvedev, the co-founder of Infraud, also had over 100,000 bitcoins seized in the process. It is another big blow to the darknet industry, yet a big victory for law enforcement.
For those unfamiliar with Infraud, it is one of the biggest online crime bazaars to date. Services and products offered range from stolen identities to credit cards and skimming devices. This particular service is operated by several individuals at this time. One of those “owners” goes by the name of Sergey Medvedev, who was arrested in Thailand this week. It is unclear if Medvedev is the actual main operator of Infraud at this time. Even so, he is one of the many wanted cybercriminals in the world today.
Infraud Operator Faces US Extradition
With his arrest taking place, it will be interesting to see what happens to Infraud. It seems local officials seized 29 electronic items from Medvedev in a raid on his home in Bangkok. Additionally, the darknet market’s servers have also been seized by the law enforcement agency. They now control all of the financial assets linked to this forum, including all Bitcoin balances. More specifically, the police have taken custody of just over 100,000 bitcoins in the process.
It is unclear what will happen with the seized money, though. This Bitcoin balance represents close to $850m worth of funds at current prices. It is evident selling off such a large quantity of currency will not be easy. In the past US-based law enforcement agencies held auctions to sell off seized cryptocurrency balances. It is possible, the Thailand law enforcement agents will have to take a similar course of action.
The arrest of Medvedev is the result of an international collaboration. More specifically, the local authorities worked together with their US counterparts. After an extensive surveillance period, the arrest was made without any problem. It is possible Medvedev will be extradited to the United States in the months to come. Another dozen Infraud suspects have been arrested in the past two weeks as well. The global crackdown on darknet activity is still in full effect, while Thailand reportedly plans on tightening regulation on cryptocurrency activities.
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Source: https://www.newsbtc.com/