Technical Analysis of BTC/USD for August 28, 2020

Crypto Industry News:

Lazarus, a hacker group purportedly backed by North Korea, is now reportedly targeting cryptocurrency and Blockchain talents via the professional social network LinkedIn.

According to a report by Finnish cybersecurity and privacy company F-Secure, the latest Lazarus attack was made via a cryptocurrency-related job advertisement on the site. Their investigation revealed that a person working in the Blockchain space received a phishing email that mimicked a legal Blockchain job offer.

The message contained an MS Word document titled "BlockVerify Group Job Description" which, when opened, launched malicious code.

F-Secure discovered that the document had the same names, authors, and word counts as publicly available code from the main security website, VirusTotal. According to VirusTotal data, the original malicious macro was created in 2019 and reported by 37 antivirus engines.

The purpose of this malware was mainly to retrieve login credentials and provide access to the victim's network, and ultimately reach the system required to steal the cryptocurrency.

In the report, F-Secure indicated that the interests of the Lazarus group reportedly coincide with the interests of the government of the Democratic People's Republic of Korea (DPRK). According to the company, DPRK's cyber operations are likely to target organizations and companies outside the cryptocurrency industry as well.

Technical Market Outlook:

The BTC/USD pair had bounced from the demand zone located between the levels of $11,062 - $11,220, but keeps trading inside of a descending channel. The bulls keep trying to resume the local up trend 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