17.07.201907:28 Forex Analysis & Reviews: Technical analysis of BTC/USD for 17/07/2019:

Crypto Industry News:

The new analysis showed the movement of stolen Bitcoins from Binance to various wallets. The hack in which 7,000 Bitcoins were abducted, took place on May 7, 2019, and the hackers transferred the stolen Bitcoins from the wallet to the wallet.

Now, however, some activity has been noticed, which suggests that hackers transfer profits from exchanges, potentially to other cryptocurrencies. It became clear that the hackers began liquefying Bitcoins on various exchanges.

Analysis of one of the main networks used by the hacker shows that they have managed to liquefy at least 1.8087 BTC ($ 21,000) on various exchanges.

Although objections are in force, it is clear that the hacker has moved some Bitcoins to each of the exchanges and has either left the chain or remained dormant. This is, of course, no consolation for those who observe how their stolen crypt jumps from the stock exchange to the stock exchange.

Technical Market Overview:

The BTC/USD pair has broken below the technical support located at the level of $9,672 (wave A bottom) and made a new low at the level of $9,177. The Elliott wave count has been updated accordingly and now the preferred scenario is an ABC-X-ABC formation as the last leg of the wave Y. This means we might likely see one more leg to the downside as the bears are in full control of the market.

Weekly Pivot Points:

WR3 - $14,838

WR2 - $13,876

WR1 - $11,942

Weekly Pivot - $11,071

WS1 - $9,127

WS2 - $8,276

WS3 - $6,180

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.