Technical analysis of BTC/USD for Mar 2, 2020

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Crypto Industry News:

A recent presentation by the US Federal Bureau of Investigation (FBI) shows that ransomware hackers have stolen huge amounts of Bitcoins since 2013.

Joel DeCapua, head of the FBI, pointed out to the RSA conference that between October 2013 and November 2019, victims paid about $ 144 million in Bitcoins to ransomware hackers.

When hacked through ransomware, fraudsters take control of a person’s or entity’s computer systems, demanding payment, often in Bitcoins, to unblock victim platforms. DeCapua noticed that almost all ransomware payments are sent in Bitcoins.

As part of the FBI presentation at the RSA conference, a government agency provided detailed information on ransomware.

The virus from China known as Ryuk raised around $ 61 million – the most in one year, while Crysis, also known as Dharma, accumulated around $ 24 million in three years. The office found a complex ecosystem in the dark web that included contractors to create viruses and partner programs offering income to those involved in some operations.

Technical Market Overview:

The BTC/USD pair has been trading close to the swing lows at the level of $8,405 during all the weekend as all the bounces form this level was very shallow. The downwards momentum is now decreasing, but is still weak and negative, so another wave down might happen any time now. The next target for bears is seen at the level of $8,000 and the key short-term technical resistance is seen at the level of $9,013.

Weekly Pivot Points:

WR3 – $10,789

WR2 – $10,332

WR1 – $9,212

Weekly Pivot – $8,808

WS1 – $7,687

WS2 – $7,218

WS3 – $6,064

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 02/03/2020:

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