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Bitcoin Price Is Trying to Forge Short-Term Bottom: Bollinger Bands Creator

  • Alex Dovbnya
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    Bitcoin might have already reached its local low, but there is more uncertainty when it comes to altcoins

Bitcoin Price Is Trying to Forge Short-Term Bottom: Bollinger Bands Creator
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John Bollinger, the creator of the widely used technical analysis tool known as Bollinger Bands, is certain that Bitcoin is on the cusp of reaching its short-term bottom.

The top cryptocurrency by market capitalization has recently endured a massive sell-off that once again pushed its price below $10,000.

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Bitcoin is bottoming out

While there is a lot of indecisiveness in the air, the long-term market technical believes that the Bitcoin price will find its local bottom within the $9,000-$10,000 range. At the time of writing, BTC is trading at $10,157.

I think Bitcoin and the other cryptocurrencies are working on trying to forge a short-term tradable bottom here that could have intermediate-term implications," Bollinger told Forbes.

Some top altcoins, namely Ethereum (ETH) and Litecoin (LTC), could be also on their way to witness some green candles. However, he doesn’t think that the bottom is already in for these cryptocurrencies since they are yet to break the downtrend.

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Old wine in a new bottle

Bollinger, who dipped his toes into crypto about three years ago, points out that Bitcoin is no different from pre-algorithmic traditional markets. In fact, crypto appears to be the only market left that behaves “the old way.”

He also insists that the advent of CME's Bitcoin futures only produced a slight impact on BTC trading compared to previous years.

I don't know if its affected its overall price level, but I think its made the trading a little bit noisier, and that's what we would expect.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Crypto Crime: 21-Year-Old Australian Woman Faces 53 Charges for Laundering Stolen Funds with Cryptocurrency

  • Alex Dovbnya
    📰 News

    Jasmine Vella-Arpaci, who was part of the major identity fraud ring, faces up to 53 charges after stealing millions of dollars

Crypto Crime: 21-Year-Old Australian Woman Faces 53 Charges for Laundering Stolen Funds with Cryptocurrency
Contents

On Sept. 17, Jasmine Vella-Arpaci, a 21-year-old woman from Australia, made her first court appearance after being accused of shipping millions of dollars with the help of crypto. The young mother has been charged with 53 counts of fraud and theft.

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"Crypto Wizard" Arrested for Taking Part in $16 Mln Cryptocurrency Scam

A multi-million identity fraud

According to the Australian Securities and Investments Commission (ASIC),.the group of criminals, whose members referred to themselves as “Team Awesome,” would purchase stolen sensitive information on the dark web to open fake bank accounts in Australia. The funds were stolen from superannuation accounts and share-trading accounts of the gang’s unsuspecting victims.

The money was then transferred money to their accomplice in Hong Kong to trade expensive jewelry before sending it back home via cryptocurrencies.

Cybersecurity threats such as data breaches and financial system attacks are a major concern for ASIC and we will continue to pursue not only cyber-related market and superannuation offending but also the need for institutions to maintain their obligations to ensure they have adequate cyber resilience, says ASIC deputy chair Daniel Crennan

The investigation into the major crime syndicate continues with further arrests expected.

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Canadian Police Shed Light on New Bitcoin ATM Scam

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Crypto scams on the rise

As reported by U.Today, cryptocurrencies scams have grown by more than 200 percent in Australia in 2018 with victims losing about $6.1 mln.

In 2019, this number could be easily topped. Back in July, an elderly couple lost a whopping 900,000 to an elaborate crypto scam, thus wasting all their retirement savings.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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