Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for 10 January 2020

Crypto Industry News:
According to a press release from January 8, Interpol began working with the cybersecurity company Trend Micro to reduce cryptojacking affecting MikroTik routers in Southeast Asia. Although collaboration has reduced the number of devices affected by the problem by 78 percent, it is unlikely to have a significant impact on the hash rate.

Cryptojacking is a malicious practice in which attackers infect popular devices with cryptocurrency mining software using the victim's computational resources to extract them. Trend Micro works with Interpol's Global Complex for Innovation to disinfect malware-infected MikroTik routers.

As part of Operation Goldfish Alpha, Trend Micro has developed a document with guidelines on "Limiting and preventing cryptojacking" describing how a vulnerability affecting the known brand of home and corporate routers has infected thousands of devices in the ASEAN region. The document also suggests how victims can use Trend Micro to detect and eliminate malware.

Within five months of creating the document in June 2019, experts from national computer failure teams and police have helped identify and restore more than 20,000 affected routers, reducing the number of infected devices in the region by 78 percent.


Technical Market Overview:
The recent move up on ETH/USD might be the beginning of a new impulsive wave up since the corrective cycle had been terminated at the level of $116.15 in form of a Pin Bar candlestick pattern, but so far the bullish rally has been terminated at the level of $145.94. Since then the market has retraced more than 50% of the wave up and the last local low was made at the level of $134.18. The next target for bears is seen at the level of 61% Fibonacci retracement located at $133.13. There is still a chance for the rally to continue, but the level of $124.42 can not be violated before any new swing high is made.

Weekly Pivot Points:
WR3 - $152.72
WR2 - $144.64
WR1 - $140.53

Weekly Pivot - $132.09
WS1 - $127.41
WS2 - $119.97
WS3 - $115.08


Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the downtrend. When the wave 2 corrective cycles are completed, the market might will ready for another wave up.






Performed by Sebastian Seliga
Analytical expert
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