Bitcoin analysis as the bear market continues

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Still bearish


This market reminds me of that scene in the movie 'The Revenant'. Particularly, the one where Leonardo DiCaprio's character is being mauled by a bear. Substitute his character with Bitcoin and it's pretty accurate, right?

Below I will take a peak at some charts to get the bigger picture at what's going on here and give my $0.02 analysis. But, first let's lay out some external concerns that could be affecting the market.

PlusToken, a Chinese Ponzi scheme.


The Chinese Ponzi scheme known as PlusToken is assumed to have sold roughly 20,000 of their 40,000 BTC supply after sending it through coin mixing services. Despite being mixed, Chainalysis was still able to track it. Why? Well, mixing services allow privacy to be achieved by mixing coins. This is similar to hiding in a crowd. This is effective in smaller amounts. However, if you make up half of the crowd, then it is far easier to be identified.

With another 20,000 Bitcoin still being sold off, this is a slight concern for some people. It's not a HUGE amount, but it's substantial enough to have some effect.

VeChain Foundation hack.


The Singapore-based VeChain Foundation�s buyback wallet was compromised by a hacker with the funds being withdrawn to a private address. The firm says it has tagged and tracked the funds and is working with cybersecurity firm Hacken to isolate the tokens� flow to various exchanges.  This hack totaled 1.1 million.

I am not sure how this will be handled. But, there is always the possibility of a conversion to Bitcoin and subsequent dump. So, more bearish news.

UpBit exchange hack.


Cryptocurrency exchange UPbit announced on November 27th that it lost almost US$50 million worth of ether (ETH) in an apparent security breach.

I am not sure what happened with the funds from this hack. It is only one month later and I have not heard much about it. There is potential of this being dumped on the market as well.

Now, to the charts!


12-19-19 daily Bitcoin chart.


DAILY


First up on the list is our daily chart. I have


Read the full post on my blog @ https://tothemoon.blog/cryptocurrency/bitcoin-analysis-as-the-bear-market-continues/
Published with SteemPress.
@treepi - https://tothemoon.blog/
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You need more DERANGED (5 DERANGED is needed to send 1 DERANGED a day)

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