Bitcoin to USD ( BTCUSD ) Weekly Outlook , July 9 2020
BTCUSD Forecast and Technical Analysis & Fundamentals for Bitcoin
Introduction
After a volatility oversold that sent the Bitcoin price crashing south on OlympTrade platform, buyers quickly hurried in to buy the dip around the $4000.00 round number support, bringing the BTCUSD back above the 50 monthly Moving Average.
Should we expect the support levels to serve as a springboard, restoring the Bitcoin BTC price above the $10K critical round number, or are there chances of the bearish momentum to bring the price to new lows?
In this post, we analyze the critical price levels and significant chart patterns that may bring clarity into the FUD that recently plague the cryptocurrency markets.
BTCUSD: Technical Analysis
Monthly Chart
The 01 December 2019 support failed to last month’s price close below the level, showing that the bearish corrective wave may persist below the MA-50. However, a price close above the $10500.50 resistance should confirm a takeover by the bulls.
A view from a Heiken-Ashi candlestick confirms our point that the bearish correction may persist, as the bearish Heiken Ashi candlestick high are now becoming smaller.
The corrective wave-C from an Elliot wave perspective may either bounce off the MA-50 or plunge below the $3133.28 before the price springs back upwards.
Weekly Chart
The technical chart formation on the weekly chart presented as a sequence of bullish divergence setups and collection of buy orders at press time gives the confidence to buy into the narrative of a bullish trend.
A bearish price close below the 23 March 2020 support should confirm a continuation of the price plunge, while a price advance beyond the MA-50 should prove that a bullish campaign is on the way.
Daily Chart
The hidden bearish divergence anticipated on the daily time frame, failed to an increase in buying pressure as the stochastic oscillator shows the Bitcoin vs. USD climb above the level-80.
While approaching the MA-50, the Bitcoin BTC price appears to find resistance, and we may see a slowing of the price rally, going forward.
I’ve successfully Hacked a Zip File Containing $300K worth Bitcoin BTC says CTO of a DApp Firm
Michael Stay, CTO of Pyrofex, a smart contract and decentralized application firm stated that he has successfully breached a zip file that contains private keys worth over $300,000 in Bitcoin (BTC).
In a recent blog post, Stay, who happens to be a former software engineer with Google, stated that his journey into hacking the file began about six months ago when he got a message on LinkedIn from a Russian fellow.
According to the report, the Russian had read a paper authored by Stay in the year 2000, describing a technique that he had used to attack zip files successfully. The had reached out to Stay to confirm if the attack the paper described would work on a file with only two files.
After analyzing the situation, Stay revealed that the operation would require a lot of money and an enormous amount of processing power. The estimate to break the file according to Stay was a large GPU farm a year, which would cost $100K on order.
Stay revealed he was surprised when the Russian showed that he was willing to spend that much just to recover the key.
A further inquiry revealed that the files contained the private keys to what had been roughly $12,500 in BTC when the Russian purchased the coins during 2016. The coins were worth roughly over $300K at the moment, and the password could not be remembered by the Russian.
Fortunately, the Russian still had the original laptop and knew specifically when the encryption took place. After testing for months, Michael claims to have crack open the file, returning the lost private key to the Russian.
Conclusion and Projection
Traders looking towards long term buy holdings of the BTCUSD should reconsider as the monthly chart still shows a possible continuation of the price slump.
A good approach would be to set buy limit orders around round number support levels such as the $3122.28, and $3000.00 support levels.
On the other hand, traders may want to scalp into long and short direction of the BTCUSD with a reasonable reward to risk ratio.
Traders still wait to see Bitcoin BTC lift its weight as a hedge against risk, in the face of the coronavirus pandemic.
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