Technical Analysis of BTC/USD for December 1, 2020

Crypto Industry News:

Cryptocurrency fraud and theft are likely to rise in the post-COVID-19 world, according to a new report from Kaspersky Lab.

Securelist, Kaspersky's cyberthreat research division, has released a report on cyber threats to financial organizations that predicts certain types of financial attacks that are likely to increase in 2021. Securelist predicted that the poverty wave triggered by the COVID-19 pandemic will inevitably lead to "more people resorting to crime, including cybercrime." It could also mean an increase in Bitcoin crimes.

According to Kaspersky's research department, Bitcoin is likely to be the most attractive resource for cybercriminals as it is the most popular digital asset.

"We can see some economies collapsing and local currencies plummeting, which would make Bitcoin theft much more attractive. We should expect more scams, mainly targeting BTC, as this cryptocurrency is the most popular" - we read.

Securelist researchers also suggested that internet perpetrators could switch to more privacy-focused digital assets such as Monero. According to the company, the change would come due to an increase in "the technical capabilities to monitor, de-anonymize, and hijack Bitcoin."

"[...] We should expect cybercriminals to switch to transit cryptocurrencies in order to charge victims. There is reason to believe that they may switch to other privacy-enhancing currencies such as Monero to first use them as a transition currency, and then convert the funds to any other selected cryptocurrency, including BTC "- the company says.

Technical Market Outlook:

The BTC/USD pair had made a new all time high (ATH) at the level of $19, 792 (at the time of writing this article). The levels of $19,442, $19,000, $18,388, $18,000 and $17,644 will now act as a key technical support again. The momentum is still strong and positive, so the bulls have a chance to hit the level of $20,000 and then continue the up trend towards the new all time highs. Please notice, there is no indication of up trend termination on a daily, weeky and monthly time frame chart.

Weekly Pivot Points:

WR3 - $22,987

WR2 - $21,189

WR1 - $19,745

Weekly Pivot - $17,922

WS1 - $16,614

WS2 - $14,848

WS3 - $13,390

Trading Recommendations:

Bitcoin just made a new ATH and bulls are in control of the market. The up trend continues and the next long term target for Bitcoin is seen at the level of $20,000, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $15,000 is broken.

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