Corona virus news:
The present economic slowdown, coupled with increasing uncertainty surrounding the COVID-19 pandemic, has challenged the integrity of safe-haven assets.
Bitcoin’s price drop has had a lasting impact on investor sentiment and has also influenced the price of other cryptocurrencies.
The coming months, especially the ones after halving, will be an avenue for the king coin to redeem the store of value narrative in the minds of investors.
Technical analysis:
BTC has been trading downwards as I expected. The price broke the rising trend line and gave early sell signal for potential test of $3.822 and $3.120.Watch for selling opportunities on the rallies using the intraday frames like 15/30 minutes. That will enable you better entry location.
Downward targets are set at the price of $3.822 and $3.120
MACD is showing new momentum down in the background, which is strong sign that selling pressure is still present.
Resistance level is set at hte price of $5.900
Support levels and downward targets are set at the price of $3.822 and $3.120.
The material has been provided by InstaForex Company – www.instaforex.com
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