Technical Analysis of BTC/USD for September 7, 2020

Crypto Industry News:

British multinational security company BAE Systems and the Society for Worldwide Interbank Financial Telecommunication, have published a report revealing how cybercriminals launder cryptocurrencies.

Cryptocurrency laundering is still relatively small compared to the massive amounts of money laundered by traditional methods such as bank transfers, according to a Follow the Money study.

But there are a few notable examples and the report delves into the money laundering methods employed by the Lazarus Group, a well-known hacking gang sponsored by the North Korean regime.

Lazarus typically steals cryptocurrencies from an exchange and then starts relaying transactions through various exchanges using what is called a "tiered technique."

Hackers hire East Asian helpers who receive some of the stolen funds to help with their laundry. These facilitators are transferring cryptocurrencies to multiple addresses they own to "obscure the origins of the funds," the study found.

Facilitators transfer some of the funds received via newly added bank accounts that are linked to their stock exchange account - this allows you to convert the cryptocurrency into a fiat currency. Other stolen funds can be transferred in Bitcoin to prepaid gift cards that can be used on other exchanges to purchase additional Bitcoins.

Technical Market Outlook:

The BTC/USD pair has bounced slightly from the level of $9,865 which was the low made during the last wave down from $12,004. The market is hovering around the level of $10,000 again as this is very important psychological level for market participants. The nearest technical resistance is seen at the level of $10,248, $10 343 and $10,430 and the nearest technical support is seen at the level of $9,704. The market conditions are oversold, but the momentum remains weak and negative, so another wave down might be just around the corner.

Weekly Pivot Points:

WR3 - $13,397

WR2 - $12,625

WR1 - $11,243

Weekly Pivot - $10,566

WS1 - $9,071

WS2 - $8,375

WS3 - $6,978

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 and $10,000.

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