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Bitcoin [BTC] might consolidate under the resistance at $9,442 if the bottom was in, claims Tone Vays

Biraajmaan Tamuly



Bitcoin [BTC] might consolidate under the resistance of $9442 if the bottom was in, claims Tone Vays
Source: Pixabay

Bitcoin [BTC] recently breached the $7,000-mark, creating a lot of spur in the crypto-community as the collective market rose to $200 billion in market cap. Tone Vays, a Bitcoin maximalist and analyst, shared his views on the current market scenario in a video on his official YouTube channel..

Vays stated that Bitcoin’s monthly charts looked positive as the prices continued to ascend. One of the discussions that had been relevant lately was whether Bitcoin [BTC] had bottomed or not. Vays said that if the bottom was in, the significance of Fibonacci Resistance was likely to prevail.

Fibonacci resistance levels are horizontal lines used to mark where possible resistance and support levels are. Each level is associated with a percentage which indicates how much the prices have retraced. The Fibonacci resistance levels are 23.6%, 38.2%, 61.8% and 78.6%.

Bitcoin [BTC] prices were scaled around the 23.6% Fibonacci resistance, which was surpassed during the recent price surge. Tone Vays emphasized on the 38.6% Fibonacci resistance and stated that if Bitcoin’s [BTC] bottom was in, the next major resistance was around the $9,442-mark.

He said that he drew the comparison between Bitcoin [BTC] and Gold to arrive at this conclusion. He added that it took gold a period of four years to reach the bottom from its all-time high and it took Bitcoin only a year. After gold bottomed, it surged again and reached the 38.6% Fibonacci resistance in August 2016, but was unable to breach it.

Vays said that if Bitcoin followed the same pattern [assuming bottom was in], Bitcoin might reach the $9,000 valuation very soon, witness a major pull back, and then hit a new high low in the $6,000 region. It would consolidate below the $9,442 resistance line for a period of 9 months, before breaching the 38.6% Fibonacci resistance.

However, Tone Vays emphasized on the fact that the current possibility only made sense if Bitcoin’s [BTC] bottom was in and the market had entered another major bullish phase.

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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.


Huobi, Bitfinex, and other exchanges allegedly linked to laundering/mixing of Bitcoins




Huobi, Bitfinex, and other exchanges are allegedly linked in laundering/mixing of Bitcoins
Source: Unsplash

On 19 May, 2019, @Whale_Alert tweeted a transaction of 2000 BTCs between Bitfinex and an unknown wallet, which after in-depth research by a Twitter user, confirmed that it was linked with wash-trading, mixing and laundering of funds. The funds circulated over various exchanges like Bitfinex, Binance, Huobi, Coinbase, and others, raise serious questions regarding AML laws and more.

The flagged transaction was sent from 1HL5rZWw5rGzFAB1mThEMxwazEBtWigs7B to two distinct addresses.

The Twitter user, @Proofofresearch, flagged this transaction and revealed the exchanges involved [directly or indirectly]. The user tweeted,

The user flagged a few addresses in the clusters which sent a significant amount of funds, shown in the image attached below.

Source: Twitter | CryptoMedication

The entity 145631092, as seen in the above chart, the funds sent by Huobi from this cluster ended on July 21, 2017. Another wallet “17hf5H8D6Yc4B7zHEg3orAtKn7Jhme7Adx”, linked to having transactions with Huobi has one particular transaction that stands out as it has an op_code named “People! help!”, which was transferred on March 30, 2019.

Source: Smartbit

The wallet address “19V5joogtZCCj3YWcP9pNT8eKLSZybc1Kq” has only four transactions in total. Upon checking the previous transaction for this address, the transaction with hash “bee4795db198230d6baad2e9dbba42b597c635b2471101641cce99e1ff0e91e4” stands out, since it is linked to darknet market places, the user tweeted.

Source: Twitter | CryptoMedication

Further, the address “3M1QVCjXn38AUdUxbLCH4WUZc1ai72ZKgr” that sent funds to the above-mentioned wallet, has a strong connection to darknet market places like the Hydra Market place.

Source: Twitter | Cryptomedication

The source of these funds was directly linked again with Hydra Market place, with the user tweeting,

The Twitter user further alleged that the addresses linked to these clusters were attached to fraud and some user[s] was “selling accounts at Coinbase/Huobi/Bittrex/Binance.” The Twitter user also urged the compliance team of the respective exchanges to close these flagged accounts ASAP.

The user added that all the funds linked to darknet market places were later deposited in Huobi exchange, which according to the user, gets mixed by Huobi.

Additionally, the user added,

“There are zero customers involved in any of these transactions at this point. That much is obvious. These addresses are not functioning as customer deposit addresses. That’s a guarantee. Funds go to Binance/OKex/Poloniex/… By FAR, Okex is the most frequent recipient of funds from these Huobi-controlled addresses. Please keep in mind that these are not deposit addresses. These are addresses where Huobi is literally mixing the funds and sending them to other exchanges for some reason.”

One particular address connected to Bitfinex in this fiasco, “1LSgEKji3ZoGdvzBgkcJMej74iBd38fySb,” has received 1 million Bitcoins, according to the user. The user added,

“As stated before, Binance/Coinbase/Bitfinex/Huobi/Bittrex/Coinbase/”Bitbank”/Bithumb/OKex are all pals in this laundering scheme together. They mix and mash funds and operate in a symbiotic fashion – replenishing stores when necessary… In this case, Huobi’s hands are dripping if there’s such a thing as catching someone ‘red-handed’.”

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