Crypto Industry News:
Bitcoin is disappearing from Salvadorans' Chivo wallets, according to a report published by New Scientist. There have been over 50 cases of BTC "missing":
"The government neither responds nor admits to errors. The only thing people are now demanding is that the government respond to their complaints. Many have waited several months for an answer to get their money back. "
The slow pace of action by the authorities in this case has caused anxiety among users of the Chivo wallet. From the very beginning, the government's wallet was plagued by problems that emerged shortly after the September premiere. President Bukele then announced on Twitter the delays in launching the wallet.
There have been claims that the $ 30 BTC incentives are not transferable to other wallets and that there may be data privacy issues. The Chivo app doesn't have the best ratings on Google Playstore, but the government says a third of Salvadoran citizens have started using the wallet.
"I don't think Chivo is safe. Nobody can verify this because the code is not open source "- says one analyst in the New Scientist publication. Moreover, the authors of the article noted that the estimates of the use of Chivo are highly inflated, as most Salvadorans do not even know," how it's working".
For some commentators, the government's silence is intended to confirm Salvador's tough stance on bitcoin adoption. Despite protests in some parts of the country and warnings from international organizations, the country has made bitcoin legal tender.
Technical Market Outlook
The BTC/USD pair has been trading below the technical support seen at the level of $47,595 and is heading towards the old trend line support. In a case of a breakout lower, the next target for bears is seen at the level of $45,376. The key short-term technical resistance is located at the level of $51,913 (Pin Bar high) and $53,333. Despite the recent complex and time consuming corrective decline in form of ABCxABCxABC pattern, the larger time frame trend remains up and only a clear and sustained breakout below the wave C low at $41,678 would change the outlook to bearish again.
Weekly Pivot Points:
WR3 - $60,286
WR2 - $56,809
WR1 - $53,868
Weekly Pivot - $49,723
WS1 - $47,540
WS2 - $43,220
WS3 - $41,111
Trading Outlook:
The ABCxABCxABC complex corrective cycle might be terminated at the level of $41,678 and the market is ready to continue the up trend. According to the long-term charts the bulls are still in control of the Bitcoin market and the next long term target for Bitcoin is seen at the level of $70,000. This scenario is valid as long as the level of $39,474 is clearly broken on the daily time frame chart (daily candle close below $39,000 would be considered as a long-term trend change due to the lower low placement).