Bitcoin Price Analysis Week of June 22: Consolidating Above the 50 & 100 Day Moving Averages
BTC price at press time: US$243.25
The midweek price alert began with: “Bitcoin has finally broken above the noted 50-day Exponential Moving Average (EMA) at US$232 and done so with force. It now also sits above the 100 day EMA (~US$242) as well. It’s possible a change of trend could be underway, but it is still too early to tell. This move has been made on very small volume and On Balance Volume confirms this. If the trend is truly going to change, volume should ideally come in.”
The price reached a high of ~$256 and has now come down to ~US$243 and thus far the price has been consolidating above these two moving averages, which is positive, and something we haven’t seen in quite a while. It’s been over a week and price continues to look for support here. In the past, there have been quite a few whipsaws in this area which led to breakdowns below the 50-day MA.
Thus far things seem different. The one thing that continues to make me weary is the lack of volume. If we are going to have a truly sustainable advance, volume needs to pick up and price needs to burst through big resistance at the 200-day Moving Average at ~$258. As long as price remains above the 50-day, a neutral to bullish stance should be taken. Read More...
Bitcoin Market Wrap Up 6/14 – 6/21: BTC Cools Down, Interest Returns to Altcoins
This week we saw volatility that was a lot, even for the relatively unstable Bitcoin market. The week started at a low of $230, spiking all the way up to the $260 range that totals to a nearly 13% increase in price. Like many people expected, however, the price quickly fell back down and is currently hovering at just above $240, coinciding with the prediction I made in last week’s Market Wrap-Up. Despite all the turbulence in price Bitcoin has received this week, Bitcoin still ends the week with approximately 4.5% net gain.
Bitcoins volume is quite low this week, with today’s price under $11 million, the lowest it has been in several weeks. This may be due to Bitcoin trading cooling off after the intense trading that occurred this week, as volumes reached peaks of $450 million this week, showcasing the extremes of Bitcoin at its very finest. Read More...
Scrypt.cc a cloud mining service have a good and bad news for their user. See below their announcement:
June 22, 2015 - Around 24 hours ago, I (Marcelo Santos AKA Admin) was finishing our server upgrade, We've been doing the switch step by step for the past two weeks. The last part was the accounts database and the trade engine. I put a notice up here around the time I was finishing the switch, users that were online at the time probably noticed. After I completed, I ran a upgrade on the new server and left on a personal trip with my family in which I was unreachable until now.
Around 14 hours ago our database was breached, the hacker credited himself BTC and KHS and withdrew BTC until our withdraw wallet was empty. He then proceeded to make suspicious orders in the market in which the market automatically turned itself off. This sent a alert to myself and other support staff, one of them seeing what was happening but not being able to do much as he does not have back-end access, he enabled our "Panic" mode in which put the whole site on lock down. But the hackers still managed to gain access and steal the coins from the hot wallet and the backup withdraw wallet.
Bad news: We had a large amount of BTC stolen, most of which were ours.
Good news: Our server runs hourly database backups and a backup was made minutes before their first attack and right before the lock down. So all user information is safe.
The site will stay online while we investigate further and plan out our next steps.
Balances will show 0 for the time being as we work on the database.
According to the blockchain some users are still depositing into their accounts, DO NOT MAKE ANY MORE DEPOSITS since the hackers still have access to the hotwallets.
Please have patience and I'll keep everyone updated as we execute our next steps.
Know the truth about religion nowadays.
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