Technical analysis of BTC/USD for 30/09/2019

Crypto Industry News:

The Emsisoft software company has released a bug fix for Bitcoin malware - WannaCryFake.

Free software announced in the blog post will help you recover encrypted files without causing data loss. Unlike cryptocurrency mining exploits, ransomware is dependent on forcing you to get loot. According to a McAfee report, ransomware attacks increased by 118 percent in 2019, representing 504 new threats per minute.

WannaCryFake is a variant of the infamous WannaCry ransomware that attacks Microsoft computers in 2017. Locks victim files using AES-256 or the advanced encryption standard.

The BTC/USD pair is still trading close to the recent lows at the level of $7,676 after the weekend. The trading conditions on Saturday and Sunday were not in favor of bulls as the bounce from the last local low as shallow with a high at the level of $8,238. There is still a chance for the wave (C) termination soon, but is the bears will keep making pressure on bulls then the next target is seen at the level of $7,419.

Weekly Pivot Points:

WR3 - $11,446

WR2 - $10,627

WR1 - $9,093

Weekly Pivot - $8,403

WS1 - $6,727

WS2 - $6,011

WS3 - $4,444

Trading Recommendations:

Due to the short-term impulsive scenario invalidation, 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 still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.

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