Ken Chigbo
Independent Analyst
- Bitcoin price on Friday, continued its three-session losing streak, nursing losses of 0.5%.
- Bitcoin denominated hedge fund fined for operating a ponzi scheme. Ordered to pay $2.5 million in penalities.
- BTC/USD buyers camped at $6350 area, with sellers seen within $6500 territory.
The Bitcoin price is nursing marginal losses of just some 0.5%, through the mid-point of Friday’s trading session. BTC/USD is heading for its third consecutive session in the red, as indicators remain pointed to the downside.
Since the aggressive moves seen on 15th October, the price has stabilized massively, if anything too much. It appears both bull and bear camps show no willingness to commit for now. In Bitcoin related news, a Bitcoin denominated hedge fund, Gelfman Blueprint, Inc. have been firnned for the operation of a fraudulent Ponzi scheme. The CEO was ordered to pay over $2.5 million in penalties. Occurrences such as this are bad for the industry and can spark some FUD.
BTC/USD is swinging between a tight range of around $150-200. Buyers are cmaped at $6350 area, with sellers seen within the $6500 territory. A breach south could expose a fall and another test at $6000 to the downside. A breakout of the upper range could see a fast move towards $6700, then $7000.
BTC/USD 60-minute chart
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