Bitcoin Trading Near Make-or-Break Levels: Here’s Why $9,400 Holds The Key
Bitcoin is trading nicely above the $9,100 and $9,200 support levels against the US Dollar. BTC is forming a crucial breakout pattern and it must break $9,400 for a sustained upward move.
This past week, bitcoin made an attempt to surpass the main $9,500 resistance levels against the US Dollar, but it failed. BTC formed a weekly high at $9,480 and later started a downside correction.
There was a break below the $9,400 and $9,300 support levels. The price even broke the 50% Fib retracement level of the upward move from the $8,912 low to $9,480 high. Finally, the price spiked below the $9,200 support and the 100 simple moving average (4-hours).
BTC tested the main $9,120 support area, where the bulls appeared. It seems like the 61.8% Fib retracement level of the upward move from the $8,912 low to $9,480 high acted as a strong support.
Bitcoin price holding $9,200: Source: TradingView.com
More importantly, there is a crucial breakout pattern forming with resistance near $9,380 on the 4-hours chart of the BTC/USD pair. The pair is currently rising and trading well above the $9,200 and the 100 SMA.
On the upside, an initial resistance is $9,350 level. The first major resistance is near the triangle resistance and $9,400. A successful break and close above $9,400 will most likely increase the chances of a sustained upward move above the $9,500 resistance. If the bulls succeed, the price might climb towards the $9,600 and $9,800 levels.
If bitcoin struggles to clear the $9,400 and $9,500 resistance levels, there is a risk of a bearish break. The first major support is near the triangle lower trend line at $9,200.
The main support is near the $9,120 levels, below which the bears are likely to aim a larger decline below the $9,000 and $8,800 levels in the coming days.
4 hours MACD – The MACD for BTC/USD is slowly moving in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently rising and it is just above the 50 level.
Major Support Level – $9,120
Major Resistance Level – $9,400
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Cryptocurrency News Roundup for July 3, 2020
A flash crash of this kind was the last thing the bulls needed given that technical indicators have remained consistently bearish over the past few weeks. Combine that with a bearish volume pattern, and the odds are reasonably high that we’ll soon witness a short term breakdown in the price.
More on that and other big stories from the day in the Friday edition of BeInCrypto’s Cryptocurrency News Roundup.
While the price initially moved above the 200-hour moving average, it proceeded to fall back below and is now facing resistance from the 200 and 50-hour MAs. Furthermore, the RSI has fallen well below the 50 mark and is now possibly facing resistance from the line.
The volume pattern is also bearish. It was at its highest during yesterday’s hourly bearish engulfing candlestick.
Read the Full Analysis
As of this writing, XRP is up almost 2% according to the daily chart. It may have created a double bottom in the short run, signaling a bullish reversal pattern.
In addition, the price is also following a descending resistance line from the beginning of June. There is stiff resistance at $0.19, and if the bulls manage to push the price beyond there, a break out should follow.
Read the Full Analysis
Both the ADA/USD and ADA/BTC pairs are currently undergoing a more or less similar pattern. The former is trading just between the resistance and support levels at $0.105 and $0.072, respectively.
There is a significant dip in daily volume figures. Even if the price manages to reach the previous resistance area, the likelihood of an ensuing breakout is low, at least on the first attempt.
Read the Full Analysis
In a detailed report published on Thursday, BeInCrypto’s Tony Toro delves into how the Lebanese currency is on the brink of collapse. The report explores how the Lebanese central bank may have pulled off a massive nationwide Ponzi scheme.
If things don’t improve soon, which is highly unlikely, Bitcoin could very well take over and play a pivotal role in Lebanon’s financial future.
Read the Full Report
Meanwhile, halfway across the world in Latin America, the average Venezuelan citizen has been struggling with worsening economic conditions that have been lingering since 2014. In late 2017 the Venezuelan government announced a state-backed digital currency, called the El Petro, or simply Petro.
They hoped it would rekindle the dying economy and bring the nation back on track. It turns out, it wasn’t very practical, and Venezuelans don’t seem to care that much for the highly-centralized ‘crypto.’ It’s hardly a surprise that Bitcoin trading volumes have skyrocketed in the country, particularly in 2020.
Read the Full Report
The Ethereum price has likely begun a long-term correction, which should take it all the way back to $170. A long-term wave count is yet to be confirmed and suggests that Ethereum could decline to $45. There is resistance and support at $250 and $170, respectively.
Read the Full Analysis
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Author: by admin
20,000 Helbizcoin Investors Accuse Company of Trying to Destroy Evidence, Seek Court Injunction | News Bitcoin News
A group representing about 20,000 investors in Helbiz Inc has filed a motion seeking a temporary restraining order and preliminary injunction against the company.
Investors want a motion granted to stop the company from destroying smart contracts that supports Helbiz Inc.’s ERC20, a token also known as Helbizcoin (HBZ). The application was filed on 6 July 2020.
According to a motion filed at United States District Court Southern District of New York, the plaintiff, Ryan Barron, and other investors accuse the defendant, Salvatore Palella of fraud. Palella is the “main owner” of Helbiz Inc.
Investors state that there are three main issues of why the court needs to grant the motion.
First, the investors’ counsel argues it is “tortuous” to destroy the computer code that allows the coins to exist. Helbiz Inc “sold these coins and transferred ownership to them (investors)” and it would be a “trespass to and conversion of personal property” (at a minimum) to destroy their functionality.
Secondly, investors say the threatened destruction of personal property is a well-established basis for an injunction, and particularly so here because the contract, “once destroyed, can never be restored.”
Investors allege that the ERC20 token, which has seen its value drop by 99%, was part of an elaborate pump and dump scheme orchestrated by Palella and Helbiz Inc.
It is on the third issue that investors say they expect the Palella to mount a challenge.
In their motion, investors argue that by filing an opposing motion to an earlier filing suggests Palella’s willingness to defend himself. Investors had approached the court for a letter seeking expedited discovery of the defendants’ control over the coin.
Palella’s opposition also supports investors’ claims that the defendant is trying to distance himself from Helbiz Inc so that he avoids liability.
Court records also show Palella arguing that “non-party HBZ Systems PTE LTD (‘HBZ Systems’) [is] the company that controls the computer code for the smart contracts at issue.”
Palella further argues that “HBZ Systems is a Singaporean company that is beyond this Court’s jurisdiction.”
Concluding its opposition to the plaintiff’s filing, the Pallela’s counsel states that the initial coin offering (ICO) for HelbizCoin “raised only 1,804.45 ethereum, which is the equivalent of approximately $1.56 million.”
This last statement by Pallela’s counsel suggests he is trying to insinuate to the court that this is an unimportant case.
Still, investors point to the existence of an interview Palella had with an online cryptocurrency news magazine. Investors say Palella’s statements in that interview shows that he controls the coin and not some third party.
In 2017, during the ICO boom, Palella began promoting Helbizcoin (HBZ) and its associated blockchain platform as a peer-to-peer solution to reinvent the ride-sharing economy.
Capitalizing on the frenzy over crowd-sharing businesses and crypto, Palella raised nearly $40 million from small investors reports quote him saying at the time. Investors believe their case has strong merits and an injunction must be granted.
Do you think winning the court injunction will improve the chances of investors recovering their funds? Tell us what you think in the comments section below.
Court Injunction, Fraud, HBZ Systems, Helbiz Inc, HelbizCoin, ICO, pump and dump, Ryan Barron, Salvatore Palella, Smart Contracts, Temporary Restraining Order
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