Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for 27 December 2019

Crypto Industry News:
The self-appointed Bitcoin creator, Craig Wright, showed, he claims a document that explains the origin of the nickname Satoshi Nakamoto.

In a press interview, Wright showed a document presenting an article from the JSTOR digital academic journal database of January 5, 2008. The article is about a person named Tominaga Nakamoto who lived in Japan between 1715 and 1746. The document also contained the following handwritten notes:

"Nakamoto is the Japanese Adam Smith. Honest Ledger + Micro Cash. Satoshi is Intelligent History. Not too much."

According to Wright, he chose the name Nakamoto in honor of Tominagi Nakamoto. A handwritten note compares him to Adam Smith, who is considered by many to be the father of modern economics. Asked if Nakamoto's economic ideas were the reason he chose his name, he replied:

"In part, yes. He wrote about money and fair money, and about the rational nature of things. The shogun [feudal ruler] was in financial crisis and economic hardship at the time. [...] I like his description and I found his brother, Toka. "Nakamoto was upright and calm but impatient," and I thought, "Sounds like me."

As for the nickname's first word, Satoshi, Wright says it means "intelligent learning." He explains that he refers to a person who has access to the knowledge acquired by his ancestors.

While Wright claims to be Satoshi Nakamoto, he also announced in November that he could not finance a settlement of 500,000 Bitcoins ($ 3.7 billion) in a case that had initiated Kleiman's assets against him. Dave Kleiman was an expert in cybersecurity, whom many consider being one of the first creators of Bitcoin and Blockchain technology. He died in April 2013.

Kleiman's property, run by David's brother Ira Kleinman, initiated the case last February, accusing Wright of stealing hundreds of thousands of Bitcoins - worth over $ 5 billion - after the death of the developer.

It is known that Satoshi Nakamoto extracted the origin blocks on Bitcoin Blockchain, the so-called Satoshi blocks, and therefore should have a significant number of coins on his address.


Technical Market Overview:
The BTC/USD pair is still being controlled by the bears and every attempt to rally is quickly being used to sell more Bitcoins. The global investors have seen this kind of market behavior through all the holidays, as the local high was made at the level of $7,371 and then the price was pushed down and is currently trading close to the technical support located at the level of $7,078. Any violation of this level will lead to another wave down targeting the level of $7,028 or even $6,938.

Weekly Pivot Points:
WR3 - $8,907
WR2 - $8,106
WR1 - $7,862

Weekly Pivot - $7,117
WS1 - $6,770
WS2 - $6,071
WS3 - $5,771


Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.






Performed by Sebastian Seliga
Analytical expert
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