Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for 18 March 2020

Crypto Industry News:
Former Bitcoin hobbyists came across an old wallet containing 1,000 Bitcoins, in addition to many Bitcoin forks.

On March 10, a thread was posted on Bitcointalk by a self-proclaimed "newcomer," who returned to cryptography for the first time after a "long break," seeking advice on access to an old Bitcoin cache.

The "whoamisoon" user claimed to have extracted some Bitcoins "a long time ago" using a graphics processor and recently located the wallet.dat file on a USB memory device.

The former miner sought advice on how to transfer Bitcoins to sell them, also asking if he has the same amount of Bitcoin Cash in his wallet and how he can sell BCH.

Later that day, 1,000 Bitcoins were identified extracted on August 24, 2010, on the Blockchain chain - these coins could have belonged to whoamisoon.

On March 12, the user returned to thank the forum members who helped him redeem the Bitcoin reward by stating:

"Thank you all for all suggestions. It was a great return and the best welcome you can get! Keep it up; I see it also helps others who are in my shoes."

The post suggested that whoamisoon could liquidate its assets before March 13 - which means it could withdraw money in the price range from USD 7,500 to USD 8,000, equivalent to USD 7.5 to USD 8 million.


Technical Market Overview:
The BTC/USD pair has hit the level of $5,550, which is short-term technical resistance for the market and reversed towards the narrow horizontal zone. The market is trading in a narrow range and still tries to bounce, but so far no avail. The momentum is still weak and negative, so bears might develop another wave down towards the technical support located at the level of $3,946 soon. If the fears related to coronavirus pandemic intensity, the wave down might even break through this key long-term technical support.

Weekly Pivot Points:
WR3 - $12,242
WR2 - $10,225
WR1 - $8,024

Weekly Pivot - $5,824
WS1 - $3,603
WS2 - $1,606
WS3 - $10


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.







Performed by Sebastian Seliga
Analytical expert
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