Crypto Industry News:
Japanese cryptographic company Freessets announced a new technology to increase the privacy of the Bitcoin wallet.
According to the published announcement, Freessets has created a system that allows wallets to request Bitcoin balances of their addresses without disclosing those balances to servers from which they request balance or transaction history. The statement stated that conventional Bitcoin wallets explicitly ask servers for the balance of their addresses, which in turn combines the balance, transactions and addresses. However, "using technology developed by Fresset, it has been mathematically proven that servers cannot find out anything from a user's query."
Adam Ficsor, Chief Technical Specialist at Wasabi, a bitcoin portfolio that increases privacy, said he was enthusiastic about development. His company's wallet has a similar function, but he believes that the implementation of Freesset requires less bandwidth and is more suitable for mobile devices.
"Any improvement in improving privacy performance is significant and needed," he said, but added that he has several reservations. Ficsor expects that the company's approach will also mean a loss of transaction history when recovering pre-existing portfolios, and said he is not happy with Freessets' decision to develop their technologies in a proprietary manner.
Technical Market Outlook:
The BTC/USD pair dropped suddenly below the local low at $9,158 and made a new local low at $8,990. The bulls have managed to bounce from the lows, but the bounce is shallow so far and will likely stop at the nearest technical resistance seen at $9,381.The sell-off might continue, but the market keeps bouncing from the ascending trend line support (marked in blue on chart) every time the price goes lower. It means, the bulls are still trying to push the price higher despite the overbought market conditions. For them any violation of the local low made after the sell-off ( the low is located at the level of $9,158) would indicate the start of the corrective cycle to the downside with a target seen at the level of $8,565.
Weekly Pivot Points:
WR3 - $11,389
WR2 - $10,828
WR1 - $10,195
Weekly Pivot - $9,652
WS1 - $9,043
WS2 - $8,494
WS3 - $7.815
Trading Recommendations:
The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated. The key mid-term technical support is located at the level of $7,897.
