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Latest Bitcoin Price Analysis
In crypto there are risks. Measures are in place to make vital infrastructure as secure as possible and with regulators in place, implementation of security features as a way of preventing crime is mandatory in most territories. The FSA in Japan mandates every exchange to register and submit reports on a regular basis while South Korea’s FSC will always breathe fire. And it is understandable especially for victims who had to contend with heavy losses with no recourse or recompense in site.
Mt. Gox was a huge loss for victims and deflated interest in the space but Japanese authorities are doing a pretty good job putting founders to the task, confiscating wallets and trailing stolen coins. But it is the ongoing civil rehabilitation suit that is a ray of hope for many.
A trustee–Nobuaki Kobayashi– manages recovered loot and as investors seek for payouts, Coinlab may end up blocking all this after raising their stake from $75 million to $16 billion. They appear flippant, baseless and not in sync with what others are seeking out for which is compensation for lost funds. Instead, Coinlab is seeking damages from breach of contract.
Also Read: Top Cryptocurrency Payment Gateways for Bitcoin Businesses: BitPay, Coinbase, Gocoin, BTCPay
Questions are now beginning to emerge with Redditors claiming that this is a deliberate attempt by Coinlab to hijack the Civil Rehabilitation voting process.
BTC/USD Price Analysis
Back to price action and BTC is back to red. It is down 2.6 percent in the last week but pretty stable on the last day. Everything else constant, our last BTC/USD trade plan is valid. However, this bullish stance is dependent on how price action turns out to be in the next few hours.
Any break and close below the lower limit of our support level at $3,500 could see the coin meltdown, via panic sells, back to $3,200 or lower by close of the week. That’s undesirable but stands to happen mostly because of the lack of support for BTC prices in the last few days.
Note that even after Jan 29-30 double bull bar, there was no confirmation and buyers didn’t maintain the pump necessary to wipe out losses of Jan 28 completing a three bar bull reversal pattern, the Morning Star.
Moving on, we shall retain a solid but clear trade plan: BTC is bullish if and only if there are no confirmations of yesterday’s losses with prices springing above $3,800 by the end of the week. If not, it is likely that we are going to see sell-offs in days ahead. Note that losses below $3,500 confirms Jan 10 and Jan 20 bear bars forming the basis for a complete reversal of mid-Dec—early Jan rallies whose bases are at $3,200.
All Charts Courtesy of Trading View–BitFinex
Disclaimer: Opinions are those of the author. Do your Research.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.