Cryptocurrency Analysis

[IFX_Selena]

BTC analysis for 03.17.2020 - Another downside movement is expected, watch for selling opportunities towards the $3.820

Industry news:


BitMEX's Chief Technology Officer [CTO], Samuel Reed, had provided a gist of the attack that hit the exchange platform on 13 March. Now, BitMEX's Chief Executive Officer [CEO], Arthur Hayes, has come out to update the community with more info, stating that the BitMEX team will be addressing the issue soon. He elaborated on the same in a blog post, one that expanded on the two DDoS attacks that took place on 13 March.

The CTO had previously noted that the exchange was under a botnet attack, the same it had warded off on 15 February. According to the aforementioned blog, the attackers had identified their target in February and were waiting for an opportune time to attack. The attackers deployed a "specially-crafted query to the Trollbox feature," one that prompted the database's query optimizer to run an inefficient query plan.

As Reed explained, even though the CPU reached 100% usage, 99.6% of the CPU was in IO wait [in an ideal state]. The team had previously misjudged this to be a hardware failure.


Technical analysis:
BTC has been trading sideways at the price of $5.300. My downside bias is still active and the downward targets are set at $3.820 and $3.120. The downside breakout of the upward channel would confim bear continuation.

I would watch for selling opportunities on the rallies with the downward targets at $3.800 and $3.120.

MACD oscillator is showing new momentum down, which is strong sign of the bearish pressure.

Resitance levels are set at the price of $5.630 and $6.215

Support levels and downward targets are set at the price of $3.820 and $3.120





Performed by Petar Jacimovic
Analytical expert
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