Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for 30 April 2020

Crypto Industry News:
Hackers infected Parkview Medical Center infrastructure - the largest health center in Pueblo County, Colorado - with ransomware. One of the hospital employees reported that the patient information storage system at the Parkview Medical Center was infected with ransomware and stopped working. The hospital confirmed the incident in a statement.

It is worth mentioning that despite the crisis due to COVID-19, attacks using ransomware are still ongoing, but their number has decreased during this period. A recently attacked facility also stated that it had switched to a paper patient registration system.

Malware ransomware is evolving rapidly and is perceived by many as serious, if not the greatest cyber security threat. While almost all ransomware discovered so far require payment or "ransom" in cryptocurrencies, Check Point recently revealed a new ransomware attack in which attackers require credit card payments.


Technical Market Outlook:
The BTC/USD pair has been rallying all night long and is currently heading towards the level of $10,000, which is the next big level for BTC bulls. Currently, the bulls has hit the technical resistance zone located between the levels of $8,919 - $9,249 in extremely overbought market conditions. The nearest technical support is seen at the level of $7,934.

Weekly Pivot Points:
WR3 - $9,046
WR2 - $8,348
WR1 - $8,040

Weekly Pivot - $7,352
WS1 - $7,064
WS2 - $6,356
WS3 - $6,047


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.






Performed by Sebastian Seliga
Analytical expert
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