Four Fake Cryptocurrency Wallets Found on Google Play Store

Malware researcher Lukas Stefanko has found four fake cryptocurrency wallets on the Google Play Store that were trying to steal users’ personal data, according to a blog post published Nov. 13.

The apps were posing as cryptocurrency wallets for NEO, Tether and an extension for accessing Ethereum (ETH), MetaMask. They were purportedly designed to phish users’ mobile banking credentials and credit card information.

Stefanko classified the wallets into two groups, wherein the fake MetaMask app was a “phishing wallet” and the other three apps were “fake wallets.” Once the phishing app is installed and launched, it requests the user’s private key and wallet password.

In a video attached to the blog post, Stefanko explained his research into the “fake wallets,” noting the example of the fake NEO app dubbed “Neo Wallet”, which had over 1,000 installs since its launch in October.

The fake crypto wallets reportedly did not create a new wallet through generating a public address and a private key — which are needed to securely send and receive digital currency — but only displayed the attacker’s public address with no user access to the private key. Thinking that the app generated their public address, users would deposit their funds to that wallet, but were unable to withdraw them as the private key belonged to a cybercriminal.

Stefanko noted that the apps were developed using the Drag-n-Drop app builder service, which does not require specific coding knowledge from the user. This means that nearly anyone is able to “develop” a simple malicious app to steal sensitive personal data, “once the Bitcoin (BTC) price rises,” according to Stefanko.

The analyst states in the post that he reported the fake apps to the Google security team, after which the wallets were subsequently removed.

Just yesterday, Cointelegraph reported that the official Twitter account of Google’s G Suite was supposedly compromised to promote a Bitcoin (BTC) giveaway scam. Scammers reportedly spread a message luring users to participate in a fraudulent 10,000 BTC giveaway.

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Bitcoin Drops to $6,400, is a Further Decline to Low $6,000 in Play?

In the last 24 hours, the Bitcoin price has experienced a gradual decline from $6,500 to $6,410, struggling to demonstrate momentum in the relatively low region of mid-$6,000.

On October 21, CCN reported that the low volume of Bitcoin remains a concern for traders, as it demonstrated the lack of interest in investors in the cryptocurrency exchange market to initiate trades in a period of uncertainty and stability in a low price range.

“On Coinmarketcap, the volume of Bitcoin fell to $3.1 billion while it fell to $1.91 billion on CoinCap. The previous yearly low point of the Bitcoin volume was $3.2 billion on Coinmarketcap and $2 billion on CoinCap,” the report read.

Still no Major Movement

On Sundays, the daily trading volume of the cryptocurrency exchange market tends to dip, as professional traders and institutions prevent from engaging in major trades throughout the weekend.

Hence, many traders expected the volume of Bitcoin to rebound the following day, hopeful for a short-term price movement in the range of $6,500 to $6,800.

While the volume of BTC has increased from $3.1 billion to $3.4 billion, the magnitude of the rise in volume was lower than the expectations of investors. The low volume of BTC has affected the rest of the market, as many cryptocurrencies recorded minor drops in the range of 0.5 to 2 percent.

Cryptocurrency trader and technical analyst Cred stated that in a tight price range, traders are observing the market to provide clarity on the short-term trend of major digital assets.

Over the past seven days, Bitcoin has remained stable at $6,400, failing to show any recognizable movement on both the upside and downside. The continuous stability in BTC led traders to prevent filing trades and wait out for BTC to confirm its short-term trend, which could have led to the decline in the daily trading volume of the asset.

“Tight range — waiting for the market to provide evidence of direction. Will be looking for longs on a pullback > $6,500 or at $6,100 – $6,200. I don’t want to be a seller at low-mid $6,000s. Don’t chase trades in the chop; wait for clarity and anticipate.”

Where Does the Market go Next?

BTC is awaiting the closure of its weekly candle on October 22. Often, subsequent to the demonstration of 6 weekly candles in a tight price range, BTC has tended to initiate a notable movement on the upside.

If BTC can initiate a breakout above the $6,600 mark and potentially eye a move towards the $6,800 resistance level, then a bullish short-term trend can be confirmed. However, if it continues to show low volume and trading activity in the $6,300 to $6,500 range, it will be challenging for BTC to initiate a big spike.

In summation, it is highly unlikely for BTC to fall to the lower region of $6,000 given its strong defense of the $6,000 support level since late July.  But, to secure a short-term rally, BTC will need to initiate a sudden spike in price.

Featured Image from Shutterstock. Charts from TradingView.

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Is a Gradual Decline to $3,500 in Play For Bitcoin?

Bitcoin so far has been able to find support above the so-called bottom area below $6,000. But it is not enough to beat the long-term bearish bias, according to a famous cryptocurrency analyst.

Crypto Thoreau, in one of its latest tweets, predicted that Bitcoin price is in for a drop towards $3,500. The analyst backed his prediction by a historical price action between early-2014 and mid-2015 in which Bitcoin price can be seen dropping 83.39 percent after forming 626 bars on the daily chart.  The pattern, which looks identical to the one building these days, indicates a similar downside run after a breakdown action of 626 bars in 626 days, eventually to a point where Bitcoin will establish a nearly 83 percent drop to $3,500 by mid-2019.

Image Credits: Crypto Thoreau | A Bitcoin-Volume graph indicating price action similarity.

It is, of course, theory and even Crypto Thoreau admits that. The fundamental dynamics between the two timelines are poles apart. 2014 and 2015 was the year of constant switching between hypes and FUD. 2014, in particular, saw the demise of the then world’s largest crypto exchange Mt. Gox. The same year also used to witness volatile price movement owing to news as simple as merchant adoption. The sentimental trading followed suit in the next year too, with price reacting majorly to fundamental changes in the news space.

Compared to those times, Bitcoin today is less volatile to mainstream news coverages and looks more stable as confirmed by the increasing institutional investments into its space. The news of a Yale endowment adding two cryptocurrency funds to its portfolio didn’t cause a $1,000-jump, nor bad comments from a renowned economist before the US Congress could crash the price to fresh lows. $6,000, the psychological support to many Bitcoin bulls, also stands tall due to its ability to withhold downtrends on multiple occasions this year.

A Technical Outlook


We are looking at five cases in which the support around $6,000 was either tested or was in plain sight ahead of a reversal. So far, the support has proven to be stronger than usual, expressing strong buying sentiment every time bears test it. Nevertheless, a large falling trendline on the top has also proven to be as strong as the support, capping gains over and over again and now pushing the price to choose between breakout and breakdown action.

A breakdown action falls in line with the prediction of Crypto Thoreau. A break below $6,000 could open short positions towards $4,500 the least, if not $3,500. Nevertheless, breaking below the currently assumed bottom also mean that Bitcoin will become unprofitable to miners and to institutional investors that have entered long positions on the lows, believing they bought the dips. It also proves that bulls would want to hold the gates should the $6,000-bottom is tested.

Is a Gradual Decline to $3,500 in Play For Bitcoin? was last modified: October 19th, 2018 by Davit Babayan

The post Is a Gradual Decline to $3,500 in Play For Bitcoin? appeared first on NewsBTC.

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IBM Makes Another Blockchain Identity Play With Health Data App

IBM’s blockchain division is widening its work in the nascent field of “self-sovereign identity” – technology designed to give individuals greater control over their personal data.

Announced today, the tech giant is working with, whose #My31 app just became available on iOS and Android mobile devices. The app’s name alludes to the idea that legal ownership of one’s data should by a “31st human right” in addition to the 30 already ratified by the United Nations.

It’s the latest in a series of similar projects IBM has been involved in. Others include SecureKey, a bank consortium building a digital ID system in Canada, and Sovrin, contributor of the Indy toolkit for Hyperledger-based blockchains.

As such, the partnership with Hu-manity is a strong signal that Big Blue sees long-term business value in this use case for distributed ledgers. Marie Wieck, the general manager of IBM Blockchain, told CoinDesk:

“Getting people’s permissioned rights on a blockchain will create a marketplace and entirely new economic business models as a result.”

Indeed, while Hu-manity’s app is consumer-facing, an enterprise version will be generally available to corporations starting in the healthcare industry in the first quarter of 2019, Wieck said.

“We tend to agree that data is the next natural resource and like a natural resource has to be mined responsibly in the same way,” she added. “Blockchain combined with the notion of rights to individual data, facilitates the distributed sharing of that information securely and at scale.”

Richie Etwaru, founder and CEO of Hu-manity, has a similarly expansive vision. Starting with the well-established market for health record data, he said he expects location data, search history and e-commerce habits will also be “owned” by users.

Upon claiming their data property rights, Hu-manity users receive a title of ownership, akin to a property deed. Thereafter their personal details, signature and photograph can be added in the form of a hash on the blockchain, along with things like the individual’s data-sharing preferences.

While the global consent ledger, which records the granting and revocation of permission to use someone’s data, is built on the IBM Blockchain Platform using Hyperledger Fabric, the two companies will also collaborate with Sovrin.

Data: The new oil?

Comparing the personal data humans produce to crude oil, Etwaru told CoinDesk, “The partnership with IBM enables private blockchain to create a direct relationship between the crude data provider – the human being – and the buyer of the refined data at the end of the supply chain.”

And in its refined form, personal data such as a patient’s health record changes hands for an average of around $400, Ewaru pointed out.

Yet regulations in the U.S. and beyond are very unspecific when it comes to personal data and can be interpreted in different ways, noted Etwaru.

Provided data has been masked, an organization may sell it for specific uses, which might often be for research as opposed to overtly commercial purposes. However, there could equally be an interpretation whereby an individual has the right to notify a corporation requesting them not sell data in the de-authorized format.

But wide adoption of an empowering data-sharing app, he said, would constitute a “call to action, and pool consensus around how laws should actually work,” Etwaru said.

And it’s not only the individual who stands to gain. Rather than walking on eggshells concerning people’s growing awareness of their privacy (or lack thereof), Etwaru said, corporations could have clarity and transparency by virtue of what describes as a “movement.”

“The end buyer could have better compliance posture if they use our data and we can figure out the economics between the individual and the buyer. The pharmaceutical industry has never really been offered an explicit consenting relationship with individuals before,” he said.

IBM’s Wieck added that large anonymous datasets can be noisy and inaccurate, but could be better relied upon to be clean using the blockchain app.   

“In clinical trials, there would be a way of tracking data and ensuring these are all real human beings and doing it at scale. Trust and transparency have been a challenge up until now,” she said.  

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Some Crypto Mining Apps Remain in Google Play Store Despite Recent Ban

According to a report by the Next Web published on August 28, several cryptocurrency mining apps remain in the Google Play Store despite the ban.

On July 27, Google banned crypto-mining apps from its Play Store. An update to Google’s developer policy read that “we don’t allow apps that mine cryptocurrency on devices.” The company gave mining app developers a 30-day grace period to revise their products in order to comply with the new terms.

The deferral period has passed, but some apps that enable on-device mining are still available on the Play Store, according to the Next Web. The site reportedly found eight apps, three of which have been removed. NeoNeonMiner, Crypto Miner PRO, Pickaxe Miner, and Pocket Miner are still live on the store, while Bitcoin Miner reportedly claims its offering complies with the terms introduced by Google.

While MinerGate has been removed from the store, its developers told Hard Fork that the app’s latest iteration deleted its on-device mining features in order to comply with Google’s rules. MinerGate told Hard Fork in an email:

“Mining on your phone directly was among the core features of the MinerGate app before the last changes in Google Play Development policies. With the last update, we are removing this functionality to meet the updated requirements.”

Earlier this month, Google Play Store hosted a reported Ethereum (ETH) scam application. Lukas Stefanko, a malware researcher from Slovakia, reportedly found a fraudulent “Ethereum” app on Google Play that had been offered for purchase at price of €335 or around $388. According to the researcher, the scam intended to dupe uninformed buyers into purchasing the app, who mistook it for the original Ethereum cryptocurrency.

In April, Google also announced that it is removing mining extensions from its Chrome Web Store after “90 percent” supposedly failed to comply with its rules. The move reportedly came in response to analysis of malicious “cryptojacking” present in extensions.

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Ethereum Scam App Appears on Google Play Store, Malware Researcher Reports

Android’s Google Play Store has recently become a spot for hosting another reported Ethereum (ETH) scam application, The Next Web reports August 21.

Lukas Stefanko, a malware researcher from Slovakia, found a fraudulent “Ethereum” application on Google Play that had been allegedly offered for purchase at price of €335 or around $388, according to The Next Web.

In an August 20 tweet, the researcher noted that buying the app is “not the same” as an Ethereum purchase, implying that his recent discovery is a crypto scam intended to defraud users by mimicking the original altcoin Ethereum, which is worth around $290 at press time.

Screenshot from Lukas Stefanko’s Twitter

Stefanko’s tweet shows that the scam application, which was described through Google Translate as “just a Ethereum,” was developed by so-called “Google Commerce Ltd,” and has managed to amass over 100 installs since the last update in August 2017 by the time of the report.

The genuine name of the developer of Google-backed applications on Google Play Store is “Google LLC.” At press time, the application is unavailable on Google Play.

On July 27, Google had banned crypto mining apps on its Play Store, only allowing remote mining applications. According to The Next Web, despite the recent ban, multiple illicit apps like JSEcoin are still appearing on the store, noting that Google developers have 30 days from the date of policy changes to comply.

Earlier in April, the tech giant had also announced the ban of all mining extensions from its Chrome Web Store, as well as all browser extensions to mine cryptocurrency. And in March, Google followed Facebook’s move by announcing a ban on all crypto-related ads of all kinds, a step that reportedly subsequently affected the crypto markets.

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$7K Back in Play? Price Indicators Shift In Bitcoin Rally’s Favor

It may not have been the asset’s biggest rally, but it’s hard to say bitcoin isn’t building on gains.

Since hitting an annual low of $5,785 in June, bitcoin has increased roughly 15 percent against the U.S. dollar, and technical indicators suggest the cryptocurrency might not be calling it quits just yet.

That said, you’d be forgiven for having doubts. The rally has been interrupted over the past few days by resistance at $6,800, a level first approached on July 4. With a close of $6,584, the day arguably saw control slip back into the hands of bears eager to drive prices lower.

However, bears couldn’t further capitalize as price followed the rejection by entering a narrow trading range of less than $250 over the following two days. (Narrowing ranges typically end in a breakout and this was no exception. As such, bulls were able to swing prices back to $6,840 on July 7.)

Still, several technical indications suggest positive sentiment is building and that prices could comfortably rise above $7,000 in the coming days.

4-hour chart

After rejecting from the 0.236 Fibonacci retracement level (from May high of $10,000) the bitcoin price has formed the continuation pattern of a bull flag.

What’s more, the CMF, an indicator used for displaying buy and sell pressure, shows buy pressure is mounting while price is traveling down the flag (a bullish divergence).

The 4-hour chart also displays a bullish cross of the 50- and 200-period exponential moving averages (EMA), further adding to the bullish bias.

The volume profile visible range shows low volume nodes (LVN) near $6,850-7,000, making the levels easier to be penetrated since it is an area lacking overall investor interest.

Inverse head and shoulders

An inverse head-and-shoulders pattern has also appeared on the 4-hour chart, the neckline of which is the same elusive resistance of $6,800 previously mentioned.

A convincing close above the neckline has the potential for the trend reversal pattern to take effect, potentially opening the doors to the next Fibonacci retracement (0.382) near $7,400.


On a wider lens, the price of bitcoin recently found support on the 75-week exponential moving average (EMA) for the second time in two years, granting bulls more time to cross their next hurdle – the descending trend line of resistance.

A convincing break of the inverse head-and-shoulders pattern and the $6,800 level would likely send price to the test the fast approaching trendline and potentially break it.

Since technical analysis is largely self-fulfilling prophecy, breaking the widely recognized trendline would increase overall bullish sentiment, potentially setting scope for prices in the higher end of the $7,000 range.


  • An upside break of the current bull flag could breach the $6,800 level, causing the inverse head and shoulder pattern to take effect and potentially put bitcoin on the path to $7,000 – $7,400 in the coming days. A break of the long-term trendline could yield even further growth.
  • Acceptance below July 4th low of $6,414 would negate the short term bullish view while falling below the 75-week EMA would likely confirm a longer-term bearish trend confirmation.

Bull image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Facebook’s Crypto Ad Ban Reversal Power Play Gets Their Own News Stuck

It has been an interesting time for Facebook and its relationship with cryptocurrencies ever since they made a precedent setting move to ban adverts on their platform that had anything to do with cryptocurrency in January this year.

The social media giant has since updated their policies to once again allow cryptocurrencies to advertise on Facebook, although it has continued its ban on ICOs. This move is being seen as a positive for the cryptocurrency space, which has earned back a major advertising platform on which it can reach a large number of users.

However, behind the scenes, all is not as it seems as cryptocurrency-related content continues to get caught in the web.

Setting a precedent

On January 30, it was announced that Facebook would be updating its advertising policy prohibiting ads that use “misleading or deceptive promotional practices,” this includes ads of cryptocurrencies and ICOs.

Even back then, the message from the social media giant was confusing, as the decision by Facebook came just after its founder and CEO Mark Zuckerberg said in a personal post that he had a desire to study cryptocurrencies further:

“There are important counter-trends to this — like encryption and cryptocurrency — that take power from centralized systems and put it back into people’s hands […] I’m interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services.”

‘Intentionally broad’ ban

The post announcing the ban did mention that the policies would be revisited later down the line, and that it began as ‘intentionally broad,’ however, this direct U-turn has come as quite a surprising move from Facebook, even if it is only currently being paid in lip service.

Source: Facebook

The move from Facebook opened the floodgates for other such social and internet platforms to follow on and also ban anything crypto-related.

In March, Google took on Facebook’s reasoning for banning cryptocurrency ads. Under Google’s updated financial products policy, no advertisements for “cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice),” would be accepted.

Twitter then followed suit, confirming long-standing rumours that it would also stop all forms of cryptocurrency advertising. Twitter blocked out ICOs and other token sales, as well as advertisements for exchanges and wallet services, unless they were public companies and listed on major stock exchanges.

The announcement of the Facebook ban, in January, saw Bitcoin drop, as it went from $11,200 to $8,800 over a few days after it was announced.

Bitcoin Charts

Source: Coinmarketcap

Bitcoin fell below the $8,000 mark in March on the news, and Ethereum went under $600 when Twitter and Google announced their bans.

Bitcoin Charts

Source: Coinmarketcap


On June 26, the same policies were again updated and Facebook announced that it would allow cryptocurrencies to be advertised again, but ICOs would remain banned. The company stated that it had been looking at the best way of refining its blanket ban on cryptocurrency adverts.

The revised “prohibited products and services policy” now reads:

“Starting June 26, we’ll […] allow ads that promote cryptocurrency and related content from pre-approved advertisers. But we’ll continue to prohibit ads that promote binary options and initial coin offerings.”

The interesting wording there is that Facebook is looking to allow content from ‘pre-approved advertisers’ and so it cedes that, “not everyone who wants to advertise will be able to do so.”

It gives Facebook a lot more control and dominance over the cryptocurrency space on its platform, and allows — in its centralized manner — the platform to pick and choose the cryptocurrency projects it deems worthy.

Contradictory actions

While Facebook says one thing about its cryptocurrency policy, it seems as if it is doing something entirely different. The social media giant has had a confusing relationship with the ecosystem with news that it would be exploring blockchain, potentially for a messenger-style app as it was led up by David Marcus, the head of Facebook’s messaging app, Messenger.

More recently, there have been reports in the media that Facebook is looking at launching its own cryptocurrency, a sort of in-app virtual coin.

The reason behind Facebook’s turn around in its stance on advertising has not really been explained, especially considering it set the precedent with the ban in the first place. But with its own work in blockchain and potentially cryptocurrency as well, an ad ban would not be of benefit to the company.

Building a space for itself?

The fact that there is evidence of Facebook entering the blockchain and cryptocurrency market means that there is a lot at stake for the social media giant, especially in a space that is revolutionary and will definitely be important in the future.

By creating an ecosystem that is friendly to projects it backs, or is involved in, it could — if it wanted to — help boost them ahead of others. And with this centralized control, they have a lot of sway over which crypto projects get sufficient Facebook marketing.

Carlos Grenoir, CEO of Olyseum — a blockchain social sports app — sees how Facebook’s reversal of the ban could be selfishly motivated:

“The reasons for Facebook reversing its decision to ban crypto ads are not clear, but the motivation could have something to do with its own strategy regarding the evolving crypto space. The cryptocurrency ecosystem is expanding rapidly, and is growing its footprint in mainstream society, introducing new economic opportunities. We are also seeing regulatory authorities taking steps to provide security to the ecosystem that will in turn give strength to the global economy.”

Not all the news of Facebook’s reversal was seen in such skeptical light, as some in the crypto community ticked this move as a big win for the longevity and advancement of cryptocurrency.

However, Bitcoin commentator WhalePanda, raises an interesting point about Facebook’s current state of affairs and their need to do something revolutionary to keep relevant.

Already having an impact?

Cointelegraph, as a media outlet that operates in the cryptocurrency space, is a company that falls under the gambit of the initial ban and felt the effects of the ban when it would try and boost articles relating to cryptocurrency matters.

The posts which have been put forward for review by Cointelegraph have become stuck, and are not being confirmed, nor denied by Facebook, during the ban as well as after the ban was ‘reversed.’

The only response that Cointelegraph has seen from Facebook in terms of confirming or denying posts during the ban has to do with an article on John McAfee announcing his bid to run for U.S. president it deemed to be political, and thus against its terms. So, according to the Facebook terms, should all media posts covering runners for presidency be denied?

Already having an impact?

After yesterday news of Facebook reversing its ban on cryptocurrency advertisements, Cointelegraph has still been experiencing the same stringent approach on content monitoring when trying to promote this news, only for the post to be left stranded and unboosted with no explanation or reason.

Already having an impact?

It is a confusing space that Facebook has currently created for those in the cryptocurrency space. Cointelegraph is having its articles left in limbo, with no reason or explanation, as Facebook announces the ban on such material is no longer in action.

Plain and clear

If Facebook is indeed vetting those who are involved in the cryptocurrency space, it is yet to be explained, and if this is indeed the way in which the platform hopes to move forward, it could risk bringing a huge undertaking upon itself.

Facebook has come forward and said one thing, but they have not acted how they have said they would. Their decision to change policy has been explained broadly and without much direction, only stating that they have tightened up their broad brush strokes from January.

While the reversal of the ban will be seen as positive from most of the cryptocurrency community, it needs to be investigated further, as it has not been enacted in the manner in which it has been stated.

If Facebook is reopening the gates for cryptocurrencies, it needs to be done so unequivocally, fairly and immediately. If they, however, are using this as a way to vet certain projects and helped their own means, they should be questioned and pushed further.

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Bear Mood? $9K Still in Play Despite Bitcoin Rally

Despite a brief rally yesterday, bitcoin (BTC) is still in corrective mode and risks falling back below $9,000, chart analysis suggests.

The cryptocurrency broke out of the bearish falling channel setup Wednesday, courtesy of a bullish relative strength index (RSI) divergence – indicating the pullback from the recent high of $9,990 had ended at a low of $8,980.

The breakout also raised the prospects of a stronger move towards $9,767 (April 25 high) and possibly even the $10,000 mark.

However, the ascent has been cut short around $9,380 in the last 15 hours, as seen in the hourly chart below.

Hourly chart

As of writing, bitcoin is attempting a break above $9,380 on Bitfinex, above which a major resistance is seen at $9,442 – the 200-hour moving average (MA). Meanwhile, a strong support is seen at $9,228 (marked by a circle).

The momentum studies are biased bearish. For instance, the 100-hour MA is trending south in favor of the bears and the 50-hour MA is still gradually descending (yet to bottom out or shed bearish bias).

As a result, a convincing move above $9,442 could be a tough task.

Further, the short-term moving averages in the daily chart have rolled over in favor of the bears.

Daily chart

The bearish crossover between the 5-day MA and the 10-day MA indicates a short-term (5 days) bullish-to-bearish trend change. It also indicates the pullback from the recent high of $9,990 has not run its course.


  • A break below $9,228 (support on the hourly chart) would add credence to the bearish 5-day MA and 10-day MA crossover and open the doors for a drop to $8,980 and $8,868 (100-day moving average).
  • A daily close (as per UTC) below $8,652 (April 26 low) would confirm a bearish reversal.
  • On the higher side, a daily close (as per UTC) above the 10-day MA (currently located at $9,452) would signal the end of the pullback from the recent high of $9,990.

Arrows image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Bitcoin Price Defends $8K But Pullback Still in Play

Bitcoin (BTC) remains on the hunt for a major bullish breakout after bouncing back from an overnight dip.

Prices hit a four-day low of $7,823 yesterday reportedly due to whale dumping over $50 million-worth of the cryptocurrency in one Bitfinex trade. The news that New York’s attorney general is taking a closer look at major cryptocurrency exchanges operating in the state may also have dampened the bull mood.

The sudden price drop raised the possibility that the rally from the April 1 low of $6,425 had run out of steam.

However, BTC’s sharp return from $7,873 to $8,160 this morning established the area around $7,800 as a strong support level and indicates a strong dip-demand mentality in the market. For the second time in the last three days, a dip below the $8,000 mark was quickly undone.

The recovery witnessed this morning adds credence to the bullish moving average studies.

As of writing, BTC is trading at $8,090 on Bitfinex – largely unchanged on a 24-hour basis.

4-hour chart

The bullish crossover between the 50-day moving average (MA) and the 200-day MA favors the bulls. Note that BTC has also cut through the descending trendline.

More importantly, the recovery from the low of $7,823 to $8,168 signals a bearish pattern failure – that is, BTC witnessed a head-and-shoulders breakdown (bearish reversal) yesterday, seemingly signaling the rally from $6,815 had ended, however, there was no bearish follow-through.

The price action indicates that bitcoin could challenge the resistance zone of $8,350-$8,420 seen in the daily chart below.

Daily chart

The descending trendline resistance has sloped lower to $8,350, while the 50-day MA has shifted lower to $8,416.

The 10-day MA continues to slope upwards in favor of the bulls and is currently seen at $7,674.


  • BTC will likely test supply around $8,400 in the next 24 hours. A high volume close (as per UTC) above that level would signal a long-term bearish-to-bullish trend change.
  • On the downside, $7,870 (today’s low) is the key level to watch out for. BTC’s failure to defend the key support level could yield a pullback to $7,510 (former resistance turned support).
  • Only a daily close below the ascending (bullish biased) 10-day MA would indicate the rally from the low of $6,425 has ended.

Bull image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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