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Technical analysis of BTC/USD for 14/08/2019:

Crypto Industry News:

According to a report published today, the United Nations is investigating 35 cyberattacks by North Korea in 17 countries. This information follows the leaked summary of the report last week, stating that the country has hacked $ 2 billion to finance armament programs so far. Most of the incidents studied were carried out using one of the three main attack vectors.

South Korea is by far the favorite target, falling victim to the 10 attacks listed in the report, India is in second place - there were three attacks there. The incidents to be investigated took place in the countries of Africa, Central and South America, Southeast Asia, the Middle East and Europe.

Some of the most daring hacks concerned the SWIFT (Society for Worldwide Interbank Financial Telecommunication) system. In one case, the group recruited a Chilean interbank employee through LinkedIn. Another hack installed malware in an ATM system across the country, resulting in 10,000 fraudulent cash withdrawals in 20 countries.

Cryptocurrency exchanges and users are also popular target vectors. The South Korean Stock Exchange, Bithumb has been attacked at least four times. After the 2018 attack on the unnamed stock exchange, the stolen funds "were transferred through at least 5,000 separate transactions and forwarded to many countries before the final conversion."

The last method of raising funds is mining cryptocurrencies, often through crypto-jacking. This includes installing malware on the computer, which then uses system resources to mine cryptocurrency on behalf of the attacker. The UN has analyzed one part of malware designed for mining-oriented privacy Monero altcoin and sending influence to servers at Kim Il-Sung University in Pyongyang.

Technical Market Overview:

The local technical support at the level of $11,027 at the BTC/USD pair has been violated as the price made another lower low at the level of $10,413. This means the Bullish Flag pattern has been made just bigger as the wave (c) of the wave 2 is getting extended towards the 61% Fibonacci retracement located at the level of $10,277. Please notice, that the wave 2 might evolve into a more complex and time-consuming pattern, so patience is needed while keeping an eye on the wave development.

Weekly Pivot Points:

WR3 - $13,583

WR2 - $12,879

WR1 - $12,118

Weekly Pivot - $11,389

WS1 - $10,550

WS2 - $9,816

WS3 - $9,007

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The larger degree WXY correction might have been completed and the market might be ready for another impulsive wave up of a higher degree.


The material has been provided by InstaForex Company -