At long last, Mt Gox account holders affected by the hack would receive their coins after Mt Gox was given a go-ahead to proceed with their Civil Rehabilitation Process. This is a reprieve not only to those seeking compensation but to Bitcoin prices because Koyabashi won’t be liquidating more coins in the days to come. In the mean time though, Bitcoin prices are down 20 percent month over month and trading below $6,000, our main support and trigger line for the first time this year.
From the News
For the better part of 2018, the crypto-verse there has been saturation of news that the recent slide of Bitcoin prices has to do with the liquidation of Mt. Gox Bitcoin holdings. Yes, that may be true and after all when hackers made away with 800,000 Bitcoins, the aggrieved parties sued seeking for redress. Inevitably, this meant Mt. Gox applied for bankruptcy with Koyabashi the man entrusted to liquidate coins and reimburse claimants.
Now, so far, data shows that the Koyabashi has successfully released 30,000 BTC at a ball park $11,000 starting from Q1 2018. However, there is a ray of hope for Bitcoin. Evidently, Bitcoin is experiencing wild price fluctuations losing more than $14,000 in the first half of 2018 and dipping below $6,000 for the first time this year.
From a document released, Mt Gox now has been giving the green light to begin a civil rehabilitation process where compensation would be in BTC and not yet in Yen as before. To kick-start this, those seeking redress should first lodge their claims before October 22 this year for verification and the official civil rehabilitation will begin on February 19, 2019. While this is happening, the bankruptcy proceeding would be halted to ensure that everyone receive his coins before liquidation of Mt Gox assets thereafter.
Other than effects of Mt Gox, Bitcoin Lightning Network implementation has its own share of criticism. The LN is unique as it’s an off chain solution that works more as an invoicing system. Unfortunately, critics are saying mass adoption of LN would be inconveniencing just like the legacy network inability to scale reviving talks of usability challenges and high fees once more.
Bitcoin (BTC) Technical Analysis
At 75 percent down from Bitcoin ATHs at $20,000, BTC prices are down $14,000 and trending for the first time this year below $6,000. All things constant, it will be wise to trade with the trend. So, after last week’s bearish break down candlestick, looking for pull backs specifically in the 4HR chart if you prefer trading from the weekly chart would be ideal.
In my view, the combination of fundamental events and talks or regulation would be the main undoing for BTC valuation. As such, until we have clarity, Bitcoin will continue to haul other coins with them. In the weekly chart, the first region of support in-case we see a follow through this week stands at $4,500 or the 78.6 percent Fibonacci retracement line. If there is a further break down, then aim for $3,000 as laid down before.
Obviously sellers are in charge in this time frame and following yesterday’s events, trading with the overall trend is suitable. Solely because of this, my trade suggestion means we sell on every high preferably when there is a retest of $6,000-our previous support line.
In that case, stops would be at June 23 highs at $6,800. If not, conservatives should wait for today’s confirmation then sell with stops at $6,000. Overly, our trade plan remains the same and targets would be at $4,500 and $3,000 on the lower end.
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