Technical Analysis of BTC/USD for August 27, 2020

Crypto Industry News:

The rise in cryptocurrency prices since March has been accompanied by a wave of cryptojacking attacks, according to new research published by the cybersecurity company Symantec.

According to the company, there was a 163% increase in browser-based cryptojacking in the second quarter of 2020. Previously, cryptojacking saw a sharp decline since March 2019 due to the closure of the mining script maker CoinHive.

Symantec points out that the growth in the last quarter coincided with the rise in the value of Bitcoin and Monero, two cryptocurrencies often mined by cybercriminals who rely on browser-based cryptocurrency malware.

Cryptojacking saw a period of high activity from September 2017 to March 2019, becoming one of the most widespread forms of cyber attacks at the time. In 2019, the CoinHive project reportedly became economically unprofitable. According to the announcement, the mining service ceased operation on March 8, 2019, and among the reasons for the shutdown, developers noted a 50% drop in hash rate after the last Monero hard fork.

Technical Market Outlook:

The BTC/USD pair keeps trading inside of a descending channel. The recent rally only hit the 50% Fibonacci retracement seen at the level of $11.431. The bulls keep trying to bounce from the oversold market conditions as they do not want to lose the $11,000 support. The nearest technical resistance is seen at the level of $11,484, which is the rally high and the level of $11,220 will act as a support from now. The key short-term technical support is seen at the level of $11,062. The weekly time frame trend remains up.

Weekly Pivot Points:

WR3 - $13,245

WR2 - $12,828

WR1 - $12,122

Weekly Pivot - $11,728

WS1 - $11,022

WS2 - $10,628

WS3 - $9,978

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