Bitcoin Today: September in a bearish candle

1 oct 2018

Price
Despite that the last week turned out to be bullish, bitcoin did not manage to close September above 7000, which leaves the monthly candle in a bearish state. Worth noting, that the last-week rally could be a manipulation in an attempt to close the monthly candle in a bullish state, which could be a good be a bullish signal for big players. Nonetheless, that did not happen, hence we could face even stronger resistance at 6800 – 7000 level and overall strong selling power. Closest boundaries for today are 6660 from above and Bearish Trend Line from below, break of each will add impulse in the corresponding direction.

Today forecast
Pivot Points 6450 and 6800; Trading channel 6500 – 6660. Breakthrough below 6450 – bearish sign.

Latest news

• ShapeShift named the main part of the criminal money "laundry"
  The Wall Street Journal published an article, in which it gives to the popular digital wallet/exchange service ShapeShift the biggest part in the laundering scheme for the almost $90 mln. of fraud money.
  Until recently, the main feature of ShapeShift was the possibility of exchanging crypto-currency without the need to register and provide any personal data. This opportunity will be closed on October 1 with the official launch of a new membership program, which provides for mandatory registration of users.
  Nevertheless, according to the publication, while this loophole was open, it was used in full. One example is the case of hackers behind the infamous Wannacry extortion virus. It is assumed that millions of dollars in bitcoins, which were received from the victims of the virus, were converted to ShapeShift in the anonymous cryptocurrency Monero, after their tracks are lost.
  For its investigation, WSJ used special programs that tracked the movement of funds from more than 500 crypto-currency wallets, which are supposed to be associated with investment fraud, hackers, and extortionists. The identities of many alleged criminals are still not disclosed. Some of them were arrested, and some of the funds - less than $ 2 million - were apparently seized by the police.
  The publication also contacted the fact that many companies were providing fake addresses on the ShapeShift platform. As the company's director for legal issues Veronika McGregor said, they were all studied and blocked.
  She also noted that the new rules of ShapeShift, which come into force on October 1, are the company's desire to protect itself from risks, and the consequence of any actions on the part of regulators or law enforcement agencies.
  In addition, Veronica McGregor commented on statements that Erik Voorhees has repeatedly done in the past, speaking of his commitment to the privacy of users. According to her, it is necessary to separate Voorhees` personal views from the company's policy.
  “Just because it’s the personal philosophy of the CEO doesn’t mean that’s how the business is going to be run,” she said. “He’s not pro-money-laundering.”
  However, as one of the main components of the report, WSJ compared the $2.7 billion per day banks have laundered over the past decade and $9 million allegedly laundered through ShapeShift. That is a discrepancy of $1.97 trillion, meaning that banks have laundered $1.97 trillion more in the space of 24 months than the crypto exchange.