Technical Analysis of BTC/USD for August 19, 2020

Crypto Industry News:

Binance, the world's largest cryptocurrency exchange, is working with law enforcement agencies in Ukraine to tackle large-scale money laundering operations.

Working with the stock exchange, the Ukrainian cyber police identified and arrested a group of criminals involved in a $ 42 million ransomware and money laundering operation. According to the report, the criminal group has laundered millions of dollars in cryptocurrencies since 2018. A Binance representative said all suspects were Ukrainian citizens and were arrested in June 2020. The group operated mainly in Ukraine, but was also involved in several cyberattacks on a global scale. The Ombudsman refused to provide additional information on the size of the group or other persons and entities involved.

An effective investigation takes place shortly after Binance began working with Ukrainian law enforcement agencies in early 2020.

The investigation is part of the so-called Binance project "Bulletproof Exchangers", which aims to track transactions between Binance and high-risk entities. These kinds of investigations are mainly conducted by Binance's internal risk intelligence unit known as Binance Sentry, as well as by the analytics division, Security Data Science.

Technical Market Outlook:

The BTC/USD pair has reverses all the recent gains above the $12,000 and is moving lower towards the technical support located at the level of $11,646. Any clear violation of this level will result in sell-off acceleration towards the next technical support seen at the level of $11,220. The nearest technical resistance is seen at the level of $11,855. The weekly time frame trend remains up.

Weekly Pivot Points:

WR3 - $13,201

WR2 - $12,569

WR1 - $12,222

Weekly Pivot - $11,635

WS1 - $11,298

WS2 - $10,689

WS3 - $10,325

Trading Recommendations:

The weekly trend on the BTC/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic correction are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $13,712. The key mid-term technical support is seen at the level of $10,463.

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