Home / Crypto Currency / Bitcoin Price Technical Analysis for 01/12/2018 – New Triangle Forming

Bitcoin Price Technical Analysis for 01/12/2018 – New Triangle Forming

Bitcoin Price Key Highlights

  • Bitcoin price has formed lower highs and found support at $13,000, creating a descending triangle pattern.
  • Price is currently testing the bottom of the formation and might be due for bounce back to support.
  • Technical indicators appear to be signaling that the consolidation could carry on.

Bitcoin price is trading inside a descending triangle pattern and is currently testing support.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA on this time frame, so the path of least resistance is to the downside. This suggests that the triangle support is more likely to break than to hold, possibly sending bitcoin price down by $6,000 or the same height as the triangle formation.

These moving averages are also close to the triangle resistance, adding an extra ceiling in the event of a move higher. Stochastic is pointing down to show that sellers have the upper hand but RSI looks ready to turn higher and indicate a return in bullish momentum.

Market Factors

The US dollar was actually on weak footing as PPI numbers turned out weaker than expected and traders set their expectations lower for today’s CPI release. Note that downbeat inflation expectations are likely to weigh on Fed tightening odds.

Meanwhile, bitcoin price continues to reel from the lack of market interest as investors appear to be flocking to altcoins instead. South Korea also announced plans to ban bitcoin trading in the country, likely putting a huge dent on overall market activity.

In China, the government also ordered several mining facilities to close, causing costs to mine to surge.

“Some of our long-term hosting partners are facing a crisis of farm closure as mining resources in mainland China become more scarce, leading to rocketing costs of our cloud mining operation,” a statement from ViaBTC Technology Ltd., which runs the fourth-biggest bitcoin mining collective, said. “To guarantee the long run of cloud mining, ViaBTC has no choice but have to readjust our maintenance fees.”

The post Bitcoin Price Technical Analysis for 01/12/2018 – New Triangle Forming appeared first on NewsBTC.

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Typing Errors in Ethereum Transaction Addresses Caused Losses of Over 12,600 Ether

There is nothing worse than losing funds stored in your crypto wallet. It is pretty obvious that this situation has been a big problem for most users at some point in their lives. A new study shows that over 12,000 ether has been lost due to typing errors that sent money to non-existent addresses. Losing Ether due to Typos There are a lot of things that can go wrong when completing cryptocurrency transactions. For instance, one could enter a completely wrong address due to copying it incorrectly, a QR code could give an error when trying to send money, or one could simply type an address incorrectly. In the latter case, one’s money will be lost forever, as the transaction is often broadcast to an address that doesn’t even exist. Recovering such a transfer is pretty much impossible these days. Research by Alethio Analytics paints a very worrisome outlook in this regard. More specifically, the company claims a lot of ether has been lost due to sending money to nonexistent addresses. It is evident a lot of users have sent money to wrong addresses over the years, and it is possible that up to 12,622 ether has been lost because of typing errors. This is not a figure most people will feel comfortable with whatsoever. Although the exact amount of money lost is subject to interpretation, Alethio Analytics can make some sort of assumption in this regard. After thoroughly analyzing Ethereum’s external and contract accounts, it’s clear there have been quite a few wrong transactions up to network block 5 million. Although it is difficult to determine which addresses are perfectly fine and which are not, the team used an interesting technique to do so. Since no similar-looking Ethereum addresses can exist, they looked at Ethereum addresses which are almost identical. Assuming such addresses exist, the funds stored in one of two addresses were probably sent erroneously. It is not a foolproof technique by any means, but it is certainly one way to go about things. So far, the company’s research seems to indicate that over 2,600 erroneous addresses have been used as part of Ethereum transactions over the years. This means just over 12,622 ether are potentially lost forever, although this number is not exact. Considering that the value of ether has risen over the years, it is safe to say this money adds up to a nice chunk of change. Who this money belongs to exactly remains to be determined at this stage. The bigger question is whether or not more of these typos will occur in the future. Since there is no foolproof way to send cryptocurrency transactions in this day and age, we can only hope people become a lot more careful when it comes to moving funds. Otherwise, this may only be the tip of the iceberg in terms of money lost forever due to human error.

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