Technical analysis of BTC/USD for 13/03/2020:

Technical analysis of BTC/USD for 13/03/2020:

Crypto Industry News:

Kirill Victorowicz Firsow, the alleged owner of the Russian anonymous portal Deer.io, was arrested on March 7 by agents of the Federal Bureau of Investigation (FBI) at John F. Kennedy Airport in New York. Court documents claim that Firsov is the brains of Deer.io – a site offering darknet style services in exchange for Bitcoins in the ordinary network. The FBI estimates it has allowed sales worth over $ 17 million. Firsov will be brought to court in a New York court this week, where he is expected to be prosecuted for trafficking in stolen information and trafficking in human beings. Since 2013, Deer.io has hosted 24,000 active stores specializing in stolen information, offering a simple “turn-key” solution for black market entrepreneurs. Sellers paid about 800 Russian rubles ($ 12.50) for operating on Deer.io each month, and hosting was offered on private Russian servers outside the reach of the US authorities. Fees for Firsov were paid in Bitcoins or via the Russian payment platform WebMoney. Of the 250 Deer.io stores inspected by the FBI so far, no company dealt with legal goods. Products for sale on the platform included user passwords, fake social media accounts, and confidential identity data such as birth certificates and tax returns. During its investigations, the FBI made several purchases using the Deer platform, including 999 documents containing personal data (PII) from one supplier for $170. For $522 they obtained a set of 2,650 documents from another provider, and for $20, the FBI was able to collect usernames and passwords for 1,100 attacked gaming accounts. Deer.io gained importance as an underground market specializing in stolen goods in 2016 after the infamous hacker Tessa88 used the platform to sell sensitive data hacked from LinkedIn and MySpace social networks.

Technical Market Overview:

The total carnage at the Bitcoin market is an excellent example of crowd psychology during the global pandemic – coronavirus fears. All the moves down were very dynamic and no technical support was able to stop the bears. The recent low was made on the level of $3,940, so now the narrow zone located between the levels of $5,500 – $5,733 will act as a key short-term technical resistance zone. The next support is seen at the level of $3,474. All the weekly pivot points have been broken already as well.

Weekly Pivot Points:

WR3 – $9,697

WR2 – $9,419

WR1 – $8,697

Weekly Pivot – $8,456

WS1 – $7,720

WS2 – $7,436

WS3 – $6,712

Trading Recommendations:

All the Elliott Wave based impulsive wave scenarios have been invalidated due to the important levels violation. The fear of the coronavirus consequences is too strong to traders and it rules on the financial markets, so it is better to stay away from the trading platform until the dust settles. Trade safe.

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