Crypto Industry News:

The fight against the Coronavirus pandemic has reached cryptocurrency miners. The American chip manufacturer NVIDIA has proposed that all users use their computer resources to help this case.

The technology company said through Reddit that the "Folding @ home" initiative was open to receiving donations from unused GPU computing power, and thus distributed it to the international processing power network for COVID-19 and other diseases.

The company extended the initiative to other gaming companies such as Steel Series, NZXT and Razer, even receiving replies from Intel Gaming and MSI that responded to a thread posted on Twitter by NVIDIA.

Although the invitation was directly addressed to players, cryptocurrency miners may also participate in this task, due to the amount of technology and equipment resources used for mining.

Most of the projects listed at Folding @ home to combat a coronavirus pandemic using donated GPU computing power are to find a potential vaccine, identify a protease that acts as a virus inhibitor or isolate the antibody, and obtain additional information on the COVID-19 mutation. The global state of emergency continues to exist, and several governments have taken drastic measures to prevent the spread of the virus.

Technical Market Overview:

The BTC/USD market is trading in a narrow range after the price has hit the level of $5,550, which is short-term technical resistance for the market and reversed towards the narrow horizontal zone. The momentum is still weak and negative, so bears might develop another wave down towards the technical support located at the level of $3,946 soon. If the fears related to coronavirus pandemic intensity, the wave down might even break through this key long-term technical support.

Weekly Pivot Points:

WR3 - $12,242

WR2 - $10,225

WR1 - $8,024

Weekly Pivot - $5,824

WS1 - $3,603

WS2 - $1,606

WS3 - $10

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.