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Bitcoin Price Watch: BTC’s Trend Overwhelmingly Bearish Below $3,600

Bitcoin price watch: btc’s trend overwhelmingly bearish below $3,600

Bitcoin Price Watch: BTC’s Trend Overwhelmingly Bearish Below $3,600

  • bitcoin price failed to break the $3,750 resistance and declined sharply against the US Dollar.
  • There was a break below a crucial bullish trend line with support at $3,620 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is currently recovery, but it likely to face a strong selling interest near $3,560 and $3,600.

bitcoin price fell significantly below the $3,600 support against the US Dollar. BTC is currently trading in a downtrend and it could resume its decline if it fails to surpass $3,600.

bitcoin Price Analysis

This past week, there was a slow and steady rise above the $3,600 level in bitcoin BTC price against the US Dollar. The BTC/USD pair even broke the $3,700 resistance level. However, it seems like buyers failed to gain strength above the $3,750 level. As a result, there was a strong downward move and the price declined below $3,700 and $3,600. The decline was such that the price settled below the $3,600 support and the 100 hourly simple moving average.

More importantly, there was a break below a crucial bullish trend line with support at $3,620 on the hourly chart of the BTC/USD pair. Sellers pushed the price below the key $3,550 support, opening the doors for more losses. A low was formed at $3,470 and the price is currently correcting higher. It moved above the $3,520 level and the 23.6% Fib retracement level of the recent decline from the $3,729 high to $3,470 low. However, the previous support at $3,550 is now acting as a strong resistance. If there is a break above $3,550, the price could face sellers near $3,600. It represents the 50% Fib retracement level of the recent decline from the $3,729 high to $3,470 low.

Bitcoin price analysis btc chart

Looking at the chart, bitcoin BTC price has moved into a bearish zone below $3,600. As long as sellers remain in control below $3,600 and $3,550, there is a risk of more losses below $3,500 and $3,400.

Technical indicators

Hourly MACD – The MACD for BTC/USD is slightly placed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently recovering toward the 40 level, with a positive angle.

Major Support Level – $3,480

Major Resistance Level – $3,600

Published at Mon, 21 Jan 2019 06:45:02 +0000

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Australia: Firms Should Help Authorities Hack Encrypted Messages

Australia is the latest country to announce plans for mandatory decryption powers against services such as Telegram and WhatsApp.

Senator: ‘All Communication Will Use Encryption’

Stating concerns surrounding terrorism monitoring, Attorney-General George Brandis said that “more than 40%” of intercepted messages were encrypted.

“Within a short number of years, effectively, 100 per cent of communications are going to use encryption,” local publication The Age quotes Brandis.

This problem is going to degrade if not destroy our capacity to gather and act upon intelligence unless it’s addressed.

While he added the government would no longer pursue legislation forcing firms to include “backdoor” features to allow state hacking, requiring participation in assisting inquiries may be stepped up in future.

Attorney-General George Brandis

The law, the Senator said, should be “sufficiently strong to require companies, if need be, to assist in response to a warrant to assist law enforcement or intelligence to decrypt a communication.”

Hacking Versus ‘Protection’

Lawmakers will look at updates in the context of international data-sharing, gathering ideas from Australia’s intelligence partners.

Reacting to the idea, industry officials appeared supportive. Former Australian Signals Directorate deputy director Mike Burgess told The Age:

Former Australian Signals Directorate deputy director Mike Burgess

I personally want to live in a world where reasonable people and companies would say, ‘You know what? Under the rule of law, and with the right oversight and a warrant, communications can be listened to when it’s needed to protect us.

While disturbing to users of encrypted messaging platforms, schemes to crack them are by no means limited to over-zealous policymakers responding to perceived terrorism threats.

Russia Mulls Blanket Bans

Across the globe in Russia, encrypted consumer tools are also currently subject to investigation, with authorities publicly calling for an outright ban on the anonymous use of services such as Telegram.

In a May interview with RNS, Telegram  stated:

Not one government or special agency has managed to get one bite of information out of us, and they never will.

It added that due to data being stored in various locations, “forcing Telegram to surrender any form of data would require an unrealistic level of mutual cooperation involving several states.”

Telegram Messenger

Telegram also recently partnered with bitcoin-accepting payments provider Stripe to allow in-app purchases from chatbots. The partnership includes support for Russian domestic payment gateways including Yandex.Money and Qiwi, which are popular with Russian bank card holders.

Regulation of cryptocurrencies, and well as a so-called ‘Russian bitcoin,’ are all part of Russia’s central bank activities this quarter.

What do you think about Australia’s plans for encrypted messaging regulation? Let us know in the comments below!

Images courtesy of AAP, LinkedIn, Telegram, AdobeStock

The post Australia: Firms Should Help Authorities Hack Encrypted Messages appeared first on Bitcoinist.com.

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