Technical analysis of BTC/USD for 07/08/2019:

Crypto Industry News:

Nearly $ 2 billion, so much according to the United Nations (UN) North Korea stole by hacking banks and cryptocurrency exchanges.

In a confidential report obtained by the mainstream media, the Sanctions Committee of the United Nations Security Council stated that hackers constitute a significant part of government funds:

"Cybercriminals from the Democratic People's Republic of Korea, many operating under the direction of the General Recognition Bureau, raise money for weapons of mass destruction (WMD) programs, and total revenues from this account are estimated at two billion dollars," reads a UN report

North Korea is very often one of the first suspects in the case of hacker attacks on cryptocurrency exchanges, especially those located in nearby Asian countries. It is due to the so-called Lazarus Group, which brings together the best specialists from North Korean universities.

According to North Korean deserter Kim Heung-Kwang, a former computer science professor at the Hamheung University of Computer Technology, there are at least 7,000 hackers (from the Lazarus group) in North Korea, overseen by the national intelligence agency Reconnaissance General Bureau. They specialize in cybercrime, but they can also mine cryptocurrencies.

Technical Market Overview:

The BTC/USD pair has made a new high at the level of $12,269 and then the Bearish Engulfing candlestick pattern was made, which made the price to reverse towards the level of $11,068. This technical support level has almost been hit, but the price has bounced again. From the Elliott wave point of view, it looks like the wave 1 might have been completed already and now the market is unfolding corrective wave 2.

Weekly Pivot Points:

WR3 - $13,750

WR2 - $12,333

WR1 - $11,817

Weekly Pivot - $10,382

WS1 - $9,882

WS2 - $8,441

WS3 - $7,9485

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The larger degree WXY correction might have been completed and the market might be ready for another impulsive wave up.


The material has been provided by InstaForex Company -