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Bitcoin Price Prediction: BTC Holds In A Range, Is It Time To Buy The Dip?

Bitcoin price breakouts from a minor short term double-bottom pattern but fails to rise above $10,400 resistance. Bitcoin could be on its way to $12,000 as long as the range resistance at $10,600 is broken. Bitcoin price has been trading in a narrow range between the recently established support at $9,900 and the resistance at

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  • Bitcoin price breakouts from a minor short term double-bottom pattern but fails to rise above $10,400 resistance.
  • Bitcoin could be on its way to $12,000 as long as the range resistance at $10,600 is broken.

Bitcoin price has been trading in a narrow range between the recently established support at $9,900 and the resistance at $10,600. The drab trading is taking place after last week’s sharp plunge from highs above $12,000. The losses were not unique to the flagship cryptocurrency because both major and minor cryptoassets lost key positions and explored lower levels.

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BTC/USD 1-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

At the time of writing, Bitcoin is trading at $10,336. The shallow upswing is taking place after a subtle double-bottom pattern in the hourly range. The initial bottom was precisely formed during BTC’s breakdown to levels under $10,000 where it found support at $9,900. The second bottom was formed on September 7, as BTC explored the levels under $10,000 again. The recovery from the pattern appears to be losing momentum in spite of the pattern.

Bitcoin Technical Analysis

Bitcoin is facing acute resistance at $10,400, $10,500 and $10,600. Most analysts believe that once these three hurdles are behind the flagship cryptocurrency, the price would easily elevate to areas higher than $11,000.

Meanwhile, the Relative Strength Index (RSI) in the daily range seems to be nurturing an uptrend following a reversal from the support at 30. As long as the RSI’s upward movement stays intact, Bitcoin bulls will continue to throw jabs at the above-mentioned resistance zones.

On the downside, support is envisaged at $10,200, $10,000 and $9,900. In addition, the 100 Simple Moving Average (SMA) at $9,689.68 is in line to prevent further losses that may be eyeing $9,000, in case of a reversal from the current price level.

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Related readingBloodshed As Bitcoin Price Plummets Below $10,000

BTC/USD daily chart

BTC/USD price chart
BTC/USD price chart by Tradingview

The formation of a bearish pennant pattern warns investors that it might not be the right time to buy the deep hence a call for caution. The longer Bitcoin stays under $10,600, the stronger the bears get. If the pattern’s support is shattered, BTC could be on a path to $8,000.

Bitcoin Intraday Levels

Spot rate: $10, 316

Relative change: -45.24

Percentage change: 0.56%

Trend: Bearish bias

Volatility: Low

Read more: Bitfinex Files Motion to Dismiss Allegations for Bitcoin Manipulation, Cites Lack of Proof

Bitcoin Price Prediction: BTC Holds In A Range, Is It Time To Buy The Dip?
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Bitcoin Price Prediction: BTC Holds In A Range, Is It Time To Buy The Dip?
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Bitcoin price breakouts from a minor short term double-bottom pattern but fails to rise above $10,400 resistance. Bitcoin could be on its way to $12,000 as long as the range resistance at $10,600 is broken.
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Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: John Isige
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Source: https://coingape.com/74022-2/

Blockchain

Members of WallStreetBets Forum Alleged in Telegram Crypto Scam Stealing $2M in BNB and ETH

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Members of the popular WallStreetBets Reddit forum were suspected of a presumable cryptocurrency fraud that could have caused losses of no less than $2 million. By creating a designated Telegram group, they duped investors by guaranteeing remarkable returns through capitalizing on the recent crypto market rally.

The Core of the Hoax

Per a report by Bloomberg, alleged members of the WallStreetBets Reddit Forum used the Telegram messaging service to execute a blatant scam. A particular account by the name of ”WallStreetBets – Crypto Pumps” presented users the chance to purchase a new token certified as WSB Finance before it was listed on crypto exchanges. The operation is known as a pre-mine sale.

The essence of the fraud was connected to the recent cryptocurrency boom as bitcoin and most altcoins skyrocketed in value lately. With some of the digital assets reaching 1,000% gains, the targeted WSB members conned investors into sending money without asking questions and with the potential of netting huge profits.

The notorious account also urged users to transfer popular cryptocurrencies such as Binance Coin (BNB) and Ethereum (ETH) to a designated crypto wallet and then to reach its ”token bot” to gain WSB Finance coins.

However, the perpetrators never dispatched those coins. Furthermore, another message on Telegram revealed that the people who had already issued a payment had to send an equivalent amount again or they would risk losing their initial investment.


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The Aftermath

After executing the hoax, more than 3,451 Binance Coins were withdrawn on Tuesday (May, 4th) from the wallet inside the Crypto Pumps messages.

Since the price of BNB at that point was approximately $625, the fraud caused losses of more than $2.1 million. Following the scam, thousands of people expressed their frustration and tried to expose the individuals behind the account. Moreover, the quantity of the other cryptocurrency – ether – still remains a mystery.

Two weeks ago WSB admins warned about offers that might try to take advantage of the forum’s name in order to allure the crypto audience. The ”WallStreetBets – Crypto Pumps” account has been removed from Telegram but whoever managed it left a message that might stun the affected victims:

”Buying Lambo now.”

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Source: https://cryptopotato.com/members-of-wallstreetbets-forum-alleged-in-telegram-crypto-scam-stealing-2m-in-bnb-and-eth/

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Blockchain

South Korean Crypto Exchange Accused Of $1.5 Billion Scam

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The South Korean cryptocurrency exchange platform V Global was accused of luring 40,000 people into illicit multi-level deceit. The entire scheme amounts to more than 1.7 million won, which equals $1.5 billion.

The Investigation

As reported by the Korean officials, the police raided many places in the country related to a virtual cryptocurrency exchange, and its notorious CEO – known as LEE – alleged to fundraising without regulatory permission. The authorities blocked the exchange’s cash deposits as a part of the investigation.

In total, the Gyeonggy Nambu Police Agency reported that it searched the exchange’s headquarters in southern Seoul along with 21 other places and froze more than $214 million left in the account.

Another report from today shed more light on the developments. According to Yonhap News, the name of the organization is V Global. The Korean police are examining the accusations against them for fraud under the Certain Economic Crimes Weighted Penalty Act, the Similar Receiving Act, and the door-to-door sales business.

The main accusation against the exchange is gaining a deposit of 1.7 trillion won ($1.5 billion) from 40,000 members in the period between August 2020 and January 2021. The announcement revealed that most of the people were elderly or housewives with no experience in cryptocurrency trading.


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Too Good To Be True

The investigation revealed that the exchange urged investors to entrust their funds to an account and lured the members that the expected return would be three times higher than the initial investment. According to the authorities, there was a pyramid element in the scam as the exchange promised to grant an introduction fee of 1.2 million won ($1,065) for every newly recruited member.

The report affirmed that the trading venue paid some members in the form of a block. Therefore, people who signed up earlier received funds from individuals who entered the exchange later.

Moreover, the Korean police seem confident to deal with the fraud case as it revealed its intention to confiscate 240 billion won ($214 million) left in the V Global account as of the 15th last month, even before the prosecution process.

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Source: https://cryptopotato.com/south-korean-crypto-exchange-accused-of-1-5-billion-scam/

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Blockchain

Georgia’s central bank is exploring ‘Digital Gel’ CBDC

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The National Bank of Georgia said that it is considering launching a central bank digital currency.

In an announcement today, the central bank hinted at the issuance of a central bank digital currency, or CBDC, in an effort “to enhance efficiencies of the domestic payment system and financial inclusion.” The National Bank of Georgia, or NBG, said it would be inviting fintech firms and other financial institutions to participate in the project, named Digital Gel after the symbol for the country’s fiat currency, the lari.

“CBDC holds the promise to unlock the tremendous value of innovative business models for the benefit of society,” said the announcement. “The introduction of CBDC could increase financial intermediation efficiency, help introduce new financial technologies, facilitate financial inclusion, and reach previously unbanked populations.”

However, the bank mentioned the possibility of risks in the launch of a CBDC in the Republic of Georgia given the “new and potentially disruptive technology.” The NBG said it may conduct extensive testing of the CBDC in a controlled environment to ensure a smooth rollout, but did not provide any details regarding a timeline for launch.

With a population of roughly 4 million and a gross domestic product of approximately $15 billion, a nation like Georgia falls at the smaller end of countries exploring CBDCs. The Bahamas officially rolled out its Sand Dollar central bank digital currency in October, while China has been piloting its digital yuan in select cities prior to a full-scale launch. In the United States, Fortune 500 company Accenture announced this week it would be partnering with the Digital Dollar Foundation to conduct CBDC trials.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/georgia-s-central-bank-is-exploring-digital-gel-cbdc

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