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Bitcoin Price Prepares to Test $8K After Bull Breather

Bitcoin price prepares to test $8k after bull breather

Bitcoin Price Prepares to Test $8K After Bull Breather

bitcoin’s (BTC) minor price pullback yesterday has likely recharged the bulls for a rally towards $8,000, technical charts indicate.

The leading cryptocurrency has spent a better part of the last 15 hours trading in the $7,240–$7,440 range, having clocked a 40-day high of $7,588 at 18:00 UTC yesterday.

Moreover, BTC was looking overbought at multi-week highs, hence a minor correction was expected.

More importantly, the price pullback and the subsequent consolidation, when viewed against the backdrop of the high volume inverse head-and-shoulders breakout, indicate that BTC has likely gathered steam for a more sustainable rally towards $8,000.

At press time, BTC is changing hands at $7,400 on Bitfinex – up 0.2 percent on a 24-hour basis.

Daily chart

Bitcoin price prepares to test $8k after bull breather

While BTC’s rally has stalled in the last 24 hours, the bias remains bullish since prices are holding well above the inverse head-and-shoulders neckline support (former resistance) of $6,838.

The relative strength index (RSI) is hovering above 50.00 (in bullish territory).

The 5-day and 10-day moving averages (MAs) are trending north, indicating a bullish setup. The chart also shows a bullish crossover between 5-day and 50-day MAs.

What’s more, the Bollinger Bands (standard deviation of +2, -2 on the 20-day MA) are beginning to rise in favor of the bulls and the upper Bolliger Band is offering price support.

Clearly, bitcoin remains on the hunt for $8,000 and the short duration chart indicates the move could happen in the next 48 hours.

Hourly chart

Bitcoin price prepares to test $8k after bull breather

The Bollinger Bands narrowed at 00:00 UTC yesterday, meaning price volatility (as represented by the gap between the Bollinger Bands) has remained low for more than 24 hours.

As a result, we could in for a big move in either direction as an extended period of low volatility is often followed by a period of high volatility.

That said, the big move will likely happen on the higher side as the RSI is beginning to rise, after having built a base around 46.00 in the last 15 hours.

Meanwhile, the major moving averages (50-hour, 100-hour and 200-hour) have caught up with rising prices, which indicates BTC markets are no longer overstretched.  The averages are located one below the other, indicating the path of least resistance is to the upside.

View

  • bitcoin’s price pullback last night has likely recharged the engines for a rally to $8,000 and the psychological resistance could be put to test in the next 48 hours.
  • The short-term outlook remains bullish as long as BTC is trading above the inverse head-and-shoulders neckline of $6,838.
  • A deeper technical correction, if it occurs, could be short-lived as the daily chart and the hourly chart are biased towards the bulls.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Staircase image via Shutterstock; Charts by Trading View

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Published at Thu, 19 Jul 2018 11:00:12 +0000

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How a Bitcoin Whitehat Hacker Helped the FBI Catch a Murderer

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An ethical hacker breached the database of a phony darknet website offering hitman services and leaked the data. The information from the data dump helped the FBI in their investigation of a man who murdered his wife.

In November 2016, Stephen Carl Allwine, 47, of Cottage Grove, Minnesota, killed his wife in “one of the most bizarre cases ever seen,” police officers reported. The husband tried to mask the murder as a suicide, including putting a 9 mm pistol next to Amy Allwine’s elbow. However, detectives arriving on the scene identified the case as murder and collected evidence — mostly electronic devices, such as computers — belonging to Mr. Allwine. Later on, in January, investigators arrested and charged Mr. Allwine with second-degree murder based on the forensic evaluation of the confiscated electronic equipment.

In May 2016, a hacker called “bRpsd” breached the database of a controversial hitman service offered on a darknet website. The service, “Besa Mafia,” offered a link between customers and hitmen, who could register on the site anonymously. The price for a murder ranged between $5,000 and $200,000, but clients seeking to avoid fatalities could also hire a contractor to beat up a victim for $500 or set somebody’s car on fire for $1,000.

The hacker uploaded the data dump to a public internet website. The leaked files contained user accounts, email addresses, personal messages between the Besa Mafia admin and its customers, “hit” orders and a folder named “victims,” providing additional information on the targets.

The breach highlighted the fake nature of the website, which operated only to collect money from the customers. Chris Monteiro, an independent researcher who also hacked into the site, stated the owner or owners of Besa Mafia had made at least 50 bitcoins ($127,500 based on the current value of the cryptocurrency) from the scam operation.

According to a message posted by a Besa Mafia administrator and uncovered in the dump, “[T]his website is to scam criminals of their money. We report them for 2 reasons: to stop murder, this is moral and right; to avoid being charged with conspiracy to murder or association to murder, if we get caught.”

The leak of the Besa Mafia database helped the police investigating the murder of Mrs. Allwine. As the officers analyzed her husband’s devices, they discovered the suspect had accessed the dark web as early as 2014. Furthermore, investigators identified the pseudonym Mr. Allwine used on the darknet, “dogdaygod,” which was also linked to his email, “dogdaygod@hmamail.com,” in some cases. Detectives found bitcoin addresses in the conversations between Besa Mafia and Mr. Allwine, which linked the husband directly to the “dogdaygod” pseudonym, providing authorities with necessary evidence for the case.

Eventually, law enforcement agents analyzed the data dump bRpsd leaked and discovered Mr. Allwine’s email in the list. In addition, investigators found messages between the suspect and the Besa Mafia admin. According to a criminal complaint, Mr. Allwine paid between $10,000 to $15,000 to the supposed hitman service to kill his wife. The complaint detailed how Mr. Allwine had decided to have the hitman shoot Mrs. Allwine at close range and burn down the house afterward.

However, once the funds were transferred, the Besa Mafia communicator told Mr. Allwine that “local police [have] stopped the hitman [from] driving a stolen vehicle and taken [him] to jail prior to the hit,” thus rendering him unable to complete his “service.” The complaint cited Sergeant McAlister who reported that during that time, “no one was apprehended in Minnesota and western Wisconsin in a stolen vehicle and possession of a gun.”

It is likely that the ethical hacker’s data breach had an impact on Mr. Allwine’s case; on March 24, 2017, the Washington County District Court charged him with first-degree murder. In addition, officers have gathered more evidence in the case — a drug called scopolamine was discovered at 45 times higher than the recommended level in Mrs. Allwine’s body. Investigators subsequently discovered that her husband had also ordered the substance on the dark web.

The post How a Bitcoin Whitehat Hacker Helped the FBI Catch a Murderer appeared first on Bitcoin Magazine.

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