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Happy Thanksgiving, Mr. Robot! Here's Some Bitcoin For You 101
Source: Mr. Robot

If it’s crypto-related, the crypto fans will notice it. Bitcoiners saw a Bitcoin (BTC) address in popular TV series Mr. Robot and, in the spirit of Thanksgiving, have actually sent some of the world’s number one cryptocurrency to it.

For those of you who haven’t seen it yet, Mr. Robbot is a USA Network’s show about a young, unstable cyber-security genius, called Elliot Alderson, running since 2015 – a show which obviously pays attention to details. For our purpose, the episode that matters is the one aired on November 24, which depicts the protagonist utilizing his expertise and a “crypto tumbler” to skillfully code a “coin-cleaning” program. What mixers do is help users gain more privacy and hide their history by mixing coins between more users. Therefore, Elliot here was using it to hide his history, likely before turning into fiat the coins he took, which aren’t his.

Viewers seemed to want to change the “his coins” part of the last sentence, as they’ve started sending Elliot some crypto. They’ve noticed an address in Elliot’s program, realized that – yes – such an address really does exist on, and decided to send it sats. Now, you may wonder why anybody would be sending hard-to-acquire BTC to an address of an unknown person. We don’t know. There have been stories that people are attempting to rescue characters they see on TV shows, believing they’re real, and fans often try to connect to their sources of interest in any way they can, but in the case of the Cryptoverse, it’s most likely a joke of some sort.

Anonymous as it is, blockchain is also transparent. Hence, there are still things we can see from an address and its transaction history. The legacy P2PKH (Pay To Public Key Hash) address in question is 1MbwAEKJCtPYpLPxEkUmZxwjk63nQrpbXo, found here. At the moment of writing, 16 transactions have been recorded, starting with November 25, a day after the episode aired. Total amount received to the address is BTC 0.00295923, which is currently some USD 22.

Happy Thanksgiving, Mr. Robot! Here's Some Bitcoin For You 102
Source: Reddit/ u/climardo

However, BTC 0.00228086 BTC (c. USD 17) has been sent from the address to external addresses already, with the balance remaining at BTC 0.00067837 (USD 5).

Digging deeper, we find that most of the related addresses have small balances and 1-2 transaction, all made in this three-day period. Three related address stand out from the crowd.

  • One SegWit address has had 11 transactions since mid-August 2019, with a total received of BTC 0.02906753 (USD 217) and remaining balance of BTC 0.00006050 (USD 0.45).
  • The second SegWit address has had 353 transactions since late April 2019, with a total received of BTC 1.48987753 (USD 11,120) and remaining balance of BTC 0.87598436 (USD 6,558).
  • The third is a legacy address that has had 835 had transactions since December 2014, with a total received of BTC 872.39454568 (USD 6.5 million) and remaining balance of BTC 0.00351266 (USD 26).

We’ll see if more BTC will be sent to ‘Elliot’. Meanwhile, BTC is currently (12:20 UTC) trading at c. USD 7,503. It appreciated 2.91% in the past 24 hours, though it fell 5.8% in a week.

Happy Thanks/Bitcoin giving!

Sead Fadilpašić , 2019-11-28 18:39:45 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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