Technical analysis of Bitcoin for 24.05.2019

Crypto Industry News:

Fraudsters have added fake cryptocurrency wallets to the Google Play store, trying to make money from the rising prices of Bitcoins, say researchers from ESET, which provides antivirus solutions.

One malicious application mimicked the Trezor hardware portfolio. The investigation showed that the software has links to another fake application that has the potential to steal from unsuspecting users. While the application page on Google Play looked real, researchers claim that the software itself does not contain any of the Trezor brandings, and the general login screen is gimmicking the credentials.

According to ESET, over 1,000 users have downloaded one of the suspicious applications. Although the information provided showed that the application allows its clients to create wallets for storing their cryptocurrencies, the software was intended to trick users into transferring coins to addresses belonging to cheaters.

Technical Market Overview:

The BTC/USD pair has bounced from the technical support located at the level of $7,419 and went up towards the level of $7,900. Nevertheless, the bounce was shallow and short-lived, so after the Shooting Star candlestick pattern was made, the price started to reverse back to the range territory. From the Elliott Wave Principle point of view, there is still wave C to the downside missing in order to complete the corrective cycle in wave 2, so the next target short-term for bears is seen at the level of $7,419

Weekly Pivot Points:

WR3 - $10,110

WR2- $9,180

WR1 - $8,627

Weekly Pivot - $7,705

WS1 - $7,135

WS2 - $6,315

WS3 - $5,743

Trading Recommendations:

The best trading strategy in the current market conditions is to sell the local pull-backs with a tight protective stop loss just above the high at the level of $8,309 in anticipation of the wave C of the overall corrective structure. Please pay attention to the technical support at the level of $7,419 as any violation of this level will accelerate the sell-off towards the next technical support at the level of $7,032.

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The material has been provided by InstaForex Company - www.instaforex.com