FX.co ★ Bitcoin analysis for 11/07/2018

Bitcoin analysis for 11/07/2018:

Cryptocurrency malware that infected more than one million computers in China has reportedly earned over $ 2 million in its developers over two years.

According to a local press report, the police in the Chinese city of Da Lian arrested 20 suspects from a computer company that allegedly took control of a large number of computers to earn illegal digging of cryptocurrencies.

By clicking on ads and installing plugins, more than a million computers were infected, extracting 26 million dollars in two years in DigiByte, Decred and Siacoin, police informs.

Hackers evidently chose to extract smaller cryptocurrencies, because they do not require so much computing power, which allows a quieter extraction process and less chance of seeing it by the victims. The report also indicates that hackers have created a network of over 100 agents who helped propagate illegal mining software, for example by working with Internet cafes.

In June, another group of hackers in China was also liquidated for alleged collusion with local computer maintenance companies in order to break into more than 100,000 computers belonging to internet cafes - also to extract the Siacoin cryptocurrency.

Traders beware: do not install suspicious programs and do not follow any suspicious links on social media related to the cryptocurrency news, analysis, airdrops or bounty.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has broken below the short-term internal trend line support and now is consolidating in the middle of the range, around the level of technical support at $6,334. The price is already below the weekly pivot, which might indicate more downside price action to come soon. The next target for bears is seen at the level of $6,064 (weekly pivot support) and then at $5,900, which is very close to the swing bottom at $5,742.