Technical Analysis of BTC/USD for Mar 31, 2020

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Crypto Industry News:

Russian police caught Bitcoin miners who stole $ 200,000 worth of electricity every month in an attempt to mine cryptocurrency.

According to a statement issued by the Russian Interior Ministry, the suspect in St. Petersburg was arrested, as well as nine alleged partners. Criminals managed to install advanced infrastructure that connected mining equipment to the country’s electricity network in eight different locations, the Interior Ministry said.

In total, the Russian National Guard took over 1,500 mining equipment, 2 million rubles, smartphones containing incriminating messages and 100 changed electric meters during 20 searches.

According to the statement, miners used the abandoned building to hide most of their mining machinery, as well as several residential properties in Vsevolozhsk and Roszczin.

According to Irina Volk, the official spokeswoman for the Russian Interior Ministry, the extracted cryptocurrencies were sent to stock exchanges outside of Russia and then converted into cash.

Technical Market Outlook:

The BTC/USD pair has bounced from the level of $5,900, which is a technical support for the price. Bitcoin bulls are trying to break through the key trend line resistance around the level of $6,450, but bears have managed to push the bulls lower and made a Pin Bar candlestick pattern. In a case of a failure, the lower levels of the red zone will be tested again: $5,900 and $5,500.

Weekly Pivot Points:

WR3 – $7,805

WR2 – $7,343

WR1 – $6,514

Weekly Pivot – $6,022

WS1 – $5,217

WS2 – $4,764

WS3 – $3,965

Trading Recommendations:

The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in Bitcoin and treat BTC as a digital gold. 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.

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

Source:: Technical Analysis of BTC/USD for 31/03/2020:

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