Bitfinex - MtGox 2.0 ?
Interesting times in Bitcoin , after having the spotlight stolen for so long by Steem and the ETH/ETC dramas we suddenly find ourselves in the middle of MtGox 2.0 .
120,000 BTC just walked out the door - the feels are all too familiar for some.
People are angry , with good reason - some just had their lives turned upside down and their retirement savings destroyed. The media will make sure everybody knows that bitcoins dead (again) for real this time and we're going to have at least a few days of selling. But for everyone that didn't trade at BFX - things will be fine in a few weeks max.
To try and hopefully ease the fear a little for some, heres a quick look over the crypto markets from a few perspectives.
OKCOIN BTC/CNY 1 Week
I consider BTCCNY to be the main market leader , and it gives the nicest patterns for TA IMO.
The hack was announced as we were grinding down towards ~$600 support, as soon as that failed the race was on to find the next support range. It tapped perfectly on my thick yellow support line (previous resistance/breakout point) and I would expect a consolidation triangle to form here till the next catalyst up.
BTCUSD/XAUUSD 1 week (BTC/GOLD)
When viewed via gold price, we can see that we've reached comparatively lower support lines to btccny again finding support at the previous resistance point. Learn more about BTCUSD/XAUSD
BTCUSD 1 week (Bitstamp)
Boring old bitstamp with no leverage and dying volume - perfectly touched orange previous support trendline that now just happens to perfectly line up with the Monthly S2 support AND the previous resistance/breakout point. 3 reasons people bought that dip.
BTC Marketcap Charting (via QUANDL dataset)
One of the cleanest ways to look at btc when you only want the trend. We were already going down as I'd pointed out a few times over the last week. My projection scribble lines were already on there when I shared this technique days before the hack.
Steem/SteemUSD/SBDUSD hourly chart
Both steem and sbd were pumping in the leadup to the hack being announced, and since then we have held USD value well. The last few hours have shown a steady decline, but we're now sitting on a fib support level so I don't think we're going anywhere for the time being without news. All eyes are on btc it seems.
Bonus MAIDSAFE 1 day chart
I had a conversation with @ozchartart the other day where I mentioned the possibility of us nearing the end of an inverse head and shoulders pattern. This seems to be playing out now, breakup in progress :)
Relevant News Updates from steemians
Dodgy business at BFX
I've been actively telling people not to use BFX for years already, I've seen this happen over and over and witnessed enough late night drunken rants from BFX's Phil Potter to be 100% convinced they traded against their own customers using inside knowledge of the internal books.
Just yesterday @r0achtheunsavory posted "Bitfinex is lying about the hack and I can tell you exactly what likely happened" accusing BFX of naked shorting, and I wouldn't put this past them either.
- Read more @r0achtheunsavory/bitfinex-is-lying-about-the-hack-and-i-can-tell-you-exactly-what-likely-happened
The "1000 BTC giveaway"
Someone calling themselves "rekcahxfb" (bfxhacker backwards) has started threads on reddit and bitcointalk , with crypto proof he's holding the key for 1000BTC . He's also broadcasted a dead-mans switch transaction that will destroy the coins if he doesn't move them within 7 days..
- Giveaway thread https://bitcointalk.org/index.php?topic=1574127.0
Strange "coincidence" with steemian @jeison
@spookypooky explains this better then I can, but TLDR theres a possibility the hacker posted about this here on steemit 3 weeks ago. Oh, and he supports ISIS too. Still love free speech and anti-censorship now ? :P
- Interweb Detectives @spookypooky/the-bitfinex-hack-was-published-on-steemit-3-weeks-before-it-happened
Getting too old for this shit
I'm still trying to wrap my head around the concept that I'm 32 years old today.
I've decided to just stop getting older, okay guys ? Sorted.
Peace out! My 4am nap awaits