Crypto Industry News:
Bitcoin users who use the CoinJoin privacy protection tool to increase the anonymity of their transactions face a serious warning after the Binance exchange has frozen a withdrawal request.
In an ongoing Twitter debate that began on December 19, a user named Catxolotl submitted the information that appeared to correspond with employees of Binance Singapore stating that they had initiated an "investigation" regarding the withdrawal of an unknown amount of Bitcoins.
They said the reason was the use of CoinJoin by Catxolotl through the wallet provider Wasabi. CoinJoin refers to the method of grouping Bitcoin transactions, "mixing" UTXO (unspent transaction outputs) and hiding who sent to which address in order to increase the privacy of all users.
According to Binance, including CEO Changpeng Zhao (known as "CZ"), regulations in Singapore meant that CoinJoin transactions were no longer desirable.
However, at this time Binance Singapore does not tolerate any transactions directly and indirectly related to gambling, P2P, and especially Darknet / Mixer sites.
Technical Market Overview:
The BTC/USD pair has made another wave up with a temporary high located at the level of $7,581. It means, the price has broken back to the channel and broke through the brown trend line resistance. Currently, the market is in the corrective cycle and might soon be testing the nearest technical support located at the level of $7,389. The moves up should be continued once the correction is over. The next target for bulls is seen at the level of $7,710.
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.
