12.12.201711:28 Bitcoin analysis for 12/12/2017

Long-term review

There are many stories about lost and long-lost Bitcoins that are worth a fortune today. The Bulgarian government may just be holding bitcoins seized a few months earlier, worth as much as about 18% of the country's debt. It is about Bitcoins confiscated in May this year by a criminal group operating in the Balkans. Criminals dealt with the installation of Trojans on government computer services.The tactics of criminals consisted in recruiting corrupt customs officials in Greece, Serbia, Macedonia, Romania and Bulgaria in order to infect customs information systems. After installing the virus, criminals were able to manage cargo and cleans information. In total, 23 people were detained, 5 of them were Bulgarian customs officers. The police intercepted communication devices, computers, tablets and bank documents. On one of the computers, there were ... 213,519 Bitcoins. Today, when the exchange rate is around $ 15,000, the value of requisitioned Bitcoins is well over $3 billion. The whole situation resembles that of Silk Road, where the services have seized 144,000BTC. Bitcoins have been sold on several auctions.

Whether the Bulgarian government will decide to sell Bitcoins is not known. At the moment, there are no plans for a seized cryptocurrency yet. Any possible sale will not be easy even for legal reasons.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. A new all-time high has been made at the level of $17,216 but there is still a potential for another high in wave (3) as the current internal wave progression looks incomplete. The nearest support is seen at the level of $15,950. The trend is still up and there are no signs of a trend reversal.

Exchange Rates 12.12.2017 analysis

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Sebastian Seliga,
Analytical expert
InstaForex Group © 2007-2020
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