Technical Analysis of BTC/USD for Mar 24, 2020

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Crypto Industry News:

According to Sophos, a cyber security company, some online criminals impersonate the World Health Organization (WHO) in an attempt to steal cryptocurrency donations to combat the COVID-19 pandemic.

Chester Wisniewski, an expert on cyber security at Sophos, reported on scam impersonating WHO by publishing screenshots. According to Wisniewski, fraudsters are trying to mislead people to send them Bitcoins as a donation to the Solidarity Fund COVID-19, which was launched on March 13.

WHO established a new coronavirus fund in cooperation with the United Nations Foundation after the agency officially classified Koronavirus as a pandemic on March 11. As announced, the Solidarity Fund COVID-19 has started with the support of internet giants such as Facebook and Google, inviting individual donors to support the fund via the official website.

Although WHO provides a detailed FAQ about its COVID-19 Solidarity Fund, it is unclear whether the fund accepts cryptographic donations or not.

As previously reported, many governments have already warned public opinion about the outbreak of cryptographic fraud attempting to exploit the widespread concerns about COVID-19. The UK Financial Conduct Authority issued an official warning about coronavirus scammers, using all possible means to persuade people to give them money.

“Beware of coronavirus scams (Covid-19). These scams take many forms and may involve insurance policies, retirement transfers or high return investment opportunities, including investment in cryptocurrencies,” FCA says.

Technical Market Outlook:

The BTC/USD pair has bounced from the level of $5,827 which is just above the lower Triangle pattern line located at $5,620. Then bulls has pushed the price out of the Triangle formation and almost make the test of the technical resistance located at the level of $6,863. They still make pressure on the market, but in the meantime they must be careful not the fall under the level of $5,500. Any violation of this level will likely lead to another wave down towards the nearest technical support seen at the level of $4,972. The key short-term technical support is seen at the level of $3,946 (13th March sell-off low). Please notice, that any breakout through the black trend line support will accelerate the wave down.

Weekly Pivot Points:

WR3 – $9,603

WR2 – $8,246

WR1 – $7,228

Weekly Pivot – $5,818

WS1 – $4,764

WS2 – $3,330

WS3 – $2,301

Trading Recommendations:

All the Elliott Wave based impulsive wave scenarios have been invalidated due to the important levels violation. The fear of the coronavirus consequences is too strong to traders and it rules on the financial markets, so it is better to stay away from the trading platform until the dust settles. Trade safe.

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

Source:: Technical Analysis of BTC/USD for 24/03/2020:

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