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    Thread: Cryptocurrency Analysis

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      IFX_Selena is offline
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      BTC analysis for August 06,.2020 - Upside breakout of the ascending triangle and potential for test of $12.150

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      As I discussed in the previous review, the BTC managed to trade higher and break the ascending triangle pivot at $11,450, which is strong sign for further upside continuation.


      Further Development
      Analyzing the current trading chart, I found that buyers are still in control and there is potential for test of $12,140.

      Key Levels:

      Resistance: $12,150

      Support levels: $11,450



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      Performed by Petar Jacimovic
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      Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


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      Technical Analysis of BTC/USD for 07 August 2020

      Crypto Industry News:
      Someone with access to 119,756 Bitcoins stolen from the Bitfinex cryptocurrency exchange in 2016 transferred $ 12 million to unknown wallets in the last six days.

      According to a series of tweets posted by Whale Alert on Twitter on August 3, wallet addresses known to be linked to one of the largest attacks in the history of cryptocurrency exchanges resulted in the transfer of 620 Bitcoins - with a current value of around $ 7 million - using 4 transactions. On July 29, nearly $ 5 million - or 448 BTC - was transferred in a single transaction.

      Coupled with the last move of $ 39 million from July 27-28, this is about $ 51 million in Bitcoin that was transferred in over 17 transactions during the week.

      On August 2, 2016, hackers compromised Bitfinex by stealing 119,756 BTC - worth $ 72 million at the time. After four years and recent growth movements, their total value is now $ 1.3 billion.

      However, despite the recent movement of $ 51 million, burglars only transferred 1-2% of stolen funds. This suggests that criminals may struggle as they enforce the new anti-money laundering (AML) laws.


      Technical Market Outlook:
      The BTC/USD pair keeps hovering around this year's highs and the market sentiment is clearly bullish. The price has broken out from a narrow zone located between the levels of $10,895 - $11,317 and then the local high was made at the level of $11,738 on increased momentum, so bulls are showing their strength. The next target for bulls is of course the last yearly high seen at the level of $12,035. The immediate support for the intraday traders are seen at the levels of $11,646, $11,395 and $11, 317. The volatility is now quite subdued, but it might increase again once any important technical level is tested and broken.

      Weekly Pivot Points:
      WR3 - $14,325
      WR2 - $13,003
      WR1 - $12,116

      Weekly Pivot - $10,976
      WS1 - $9,784
      WS2 - $8,681
      WS3 - $7,717


      Trading Recommendations:
      Due to the level of $12,000 violation, the Bitcoin is now in the up trend on the long-term time frame. The next target for bulls is seen at the level of $13,712 and $15,000. The key long-term technical support is located at the level of $7,897, but the zone around $9,500 - $10,500 is an important technical support as well.

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      Performed by Sebastian Seliga
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      InstaForex Group © 2007-2020

      Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


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