Technical analysis of BTC/USD for Feb 24, 2020

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Crypto Industry News:

Irish Clifton Collins, who was recently imprisoned for drug trafficking, claims that the robbers took keys to $ 56 million in Bitcoin, which the Irish Supreme Court ruled should be confiscated.

After obtaining more than 6,000 Bitcoins by 2017, Collins decided to protect itself against hackers by distributing cryptocurrency to 12 newly created accounts. He thus transferred 500 Bitcoins to each of them, reports the Irish Times. At present, each portfolio would have a value of around $ 4.87 million.

Collins then printed the keys to all his 12 accounts on a sheet of paper, which he claims he had hidden in the aluminum part of the rod. He kept her in the house he rented in County Galway, Ireland. However, when he was arrested for trafficking in cannabis in 2017, he was allegedly burglary.

What’s more, the owner asked to clean the house and throw away many of Collins’s items. The dump workers confirmed to the police that they had seen the fishing rod, but the dump was then sent to Germany and China. The rod containing the keys to Collin Bitcoins apparently has never been found.

It is noteworthy that many witnesses – including those who cleaned the house, landlords and those who helped Collins distribute his Bitcoins to new bills – gave the police the same details about what happened to the rented house and fishing rod.

Collins commented on this message saying it was a punishment for his own stupidity.

Technical Market Outlook:

The BTC/USD pair has been trading in a range over the weekend as the bulls have tested (and broken through) the 61% Fibonacci retracement of the last wave down located at the level o f$9,866. Nevertheless, the bears took control over the market again and immediately ushed the price right back on towards the level of $9,555, where the short-term technical support is located. Currently, the Bitcoin is trading in the middle of the range in neutral market conditions, but the larger timeframe trend remains bullish.

Weekly Pivot Points:

WR3 – $11,253

WR2 – $10,744

WR1 – $10,274

Weekly Pivot – $9,742

WS1 – $9,288

WS2 – $8,756

WS3 – $8,263

Trading recommendations:

The market might have made the first impulsive wave up of a higher degree. This strategy is valid as long as the level of $7,582 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $10,433 is clearly broken.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of BTC/USD for 24/02/2020:

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