Bitcoin Price Analysis: BTC/USD Some Support at These Levels?

Bitcoin appears to have broken down from its falling wedge consolidation to signal that a steeper drop is underway. However, there are still a couple of potential support areas where buyers might be waiting.


Price is currently testing one of these now at the $4,800 area that lines up with a former resistance back in September 2018. Stochastic is closing in on oversold territory but does have some room to head further south, so there may still be some selling pressure left. In that case, Bitcoin could make its way down to the next long-term floor.

This might be all the way down to the $3,000 area, which is a previous resistance turned support level. The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside. In other words, the selloff is more likely to gain traction than to reverse. However, the gap between the moving averages is narrowing slightly to reflect slowing bearish pressure.

BTC/USD Chart - TradingView

Volume remains elevated so there could be potential for big moves. Liquidity is expected to be thinner in the days ahead as most traders will be out for the Thanksgiving holidays, which might also mean high potential for volatility even on minor market updates.

Traders are blaming the uncertainty surrounding the Bitcoin Cash hard fork for the recent slump, but the SEC announcement on ICO operators violating securities laws may have also contributed to the move late in the week. After all, FUD has been in play and has been exacerbating the declines, with more analysts pointing out that it would take much longer before bitcoin recovers from this drop.

With that, it’s understandable that investors are taking money off the table and may be feeling discouraged from putting in more funds despite more inflows expected early next year.


Images courtesy of TradingView

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Greek Court Accused of Violating the Rights of Alleged Btc-e Operator, Postpones Hearing

Greek Court Accused of Violating the Rights of Alleged Btc-e Operator, Postpones Hearing

News

The judges at the Greek supreme court have been accused of violating Alexander Vinnik’s rights. The alleged Btc-e operator has been detained in Greece since July last year. The hearing against his extradition to France has also reportedly been postponed.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Rights Violation

Alexander Vinnik, who allegedly operated the former cryptocurrency exchange Btc-e, has been detained in Greece since July last year. He was accused by the U.S. of laundering $4-9 billion through the exchange.

Greek Court Accused of Violating the Rights of Alleged Btc-e Operator, Postpones HearingZoe Konstantopoulou.

His attorney, Zoe Konstantopoulou, told a court session on Monday that the judges of the Greek supreme court “have blatantly breached the rights” of the Russian national, Tass wrote. The session was to appeal against the ruling of Vinnik’s extradition to France.

Konstantopoulou was quoted as saying: “You have violated the rights of Alexander Vinnik, who hasn’t received an official translation of the French request by November 17 … those documents haven’t been translated into Russian, they have no seals and signatures … You only employ this practice towards Vinnik because he is a Russian. You wouldn’t do this with any Greek, or EU citizen.”

A Sputnik correspondent reported from the court on Monday that the hearing for the appeal of Vinnik’s extradition to France has been postponed until Nov. 29.

The Charges and Extradition Requests

Greek Court Accused of Violating the Rights of Alleged Btc-e Operator, Postpones HearingVinnik was detained in Greece on July 25 last year on a warrant issued by the U.S. Department of Justice (DOJ). A grand jury in the Northern District of California indicted Vinnik and Btc-e for operating an unlicensed money service business, money laundering, and related crimes. “The indictment alleges that Vinnik obtained funds from the hack of Mt. Gox and laundered those funds through various online exchanges, including his own Btc-e and a now defunct digital currency exchange, Tradehill, based in San Francisco, California,” the DOJ wrote.

Greek Court Accused of Violating the Rights of Alleged Btc-e Operator, Postpones HearingAfter Vinnik was detained, Russia sought his extradition. France also sent a similar request in June and Greece is pressing criminal charges against him, Tass conveyed. In May, he allegedly confessed to charges of fraud and money laundering.

Vinnik, however, told the news outlet that he was only a technical expert at Btc-e. “I gave some advice to that platform. That’s not a crime, and the exchange itself is not a crime, it is just a platform for exchanging cryptocurrency,” he claims.

Furthermore, the New York Times reported that Vinnik is accused of operating Btc-e at a time when American prosecutors say “hackers used such funds to finance the electronic break-in at the Democratic National Committee and other targets.”

What do you think of Vinnik’s case? Let us know in the comments section below.


Images courtesy of Shutterstock, the DOJ, AP Photo/Petros Giannakouris, and AFP/Sakis Mitrolidis.


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Major Indian Crypto Exchange CEO Openly Asks Gov’t to Regulate Crypto

Nischal Shetty, the CEO of Indian crypto exchange WazirX, has reached out to a top lawmaker to look into the regulation of Bitcoin and similar digital assets.The blockchain entrepreneur requested India’s finance minister Arun Jaitley to focus more on crypto’s potential benefits than its minimalistic misuses. Saying that every industry is prone to have its own set of problems, Shetty believed they should not become the reason to hamper innovation that could benefit the nation’s growth.Dear @arunjaitleyIf fear of misuse ruled us then we would never have:1. Electricity for fear of electrocution
2. Cars for fear of accidents
3. Cash for fear of black money
Yet we still have these because benefits outweigh the problemsCrypto is the same. Regulate & win 🇮🇳— Nischal (WazirX) ⚡️ (@NischalShetty) November 18, 2018The status of Bitcoin and similar cryptocurrencies continue to be under wraps in India. The Reserve Bank of India (RBI) this year imposed a banking ban on all the local cryptocurrency companies, disallowing them access to fiat liquidity. The decision led to a blockchain exodus, with startups and even an established crypto exchange shutting their operations and moving to crypto-friendly regions.The government, meanwhile, maintained its negative stance against cryptocurrencies. Jaitley renounced its use in a parliament session this year, causing a massive market sell-off in the BTC-INR market.But India yet remains to be a country with no cryptocurrency law. The ban is only psychological and does not merit any constitutional verse. Bitcoin continues to be an entity without a legal definition.Amidst the blanket ban, a group of Indian crypto companies led by Kali Digital Ecosystem, which runs the exchange CoinRecoil filed a writ in the Supreme Court of India against the RBI’s decision. The case is still pending owing to the central bank’s delay in filing an official response.At the same time, there are rumors that the Securities and Exchange Board of India (SEBI) will be regulating Bitcoin as a commodity. But, official confirmation has not been made yet.Related Reading: India Update: RBI Claims Court Can’t Recognize Crypto as Currency Due to Existing LawsPublic Movement Against Crypto BanShetty sought community support in his later tweets, asking people to tag Jaitley every day and demand cryptocurrency regulation.“We need to tweet to our minister every day till we get a reply,” he wrote. “The more we tweet, the more chances of our voice being heard & crypto getting a positive regulation in India.”The movement has reached its 18th day, but no response from the finance minister has come yet.Earlier, the Indian crypto community voted in favor of crypto regulation, casting more than 8,000 votes via Change.org to revoke the RBI ban on crypto banking. But the appeal fell on deaf ears.As the blanket ban continues, the local Indian cryptocurrency community self-admittedly has moved to an underground exchange market. Similar to China, the crypto trading operations have gone peer-to-peer, making the government enforce RBI’s decision in full potential.“Even if the government decides to ban the possession, it will be just impossible to implement it,” Shetty remarked.Featured image from Shutterstock.