Coronavirus and Bitcoin

Coronavirus and Bitcoin

As we all know, last week was very dramatic as a result of widespread coronavirus and panic.

In the classic grocery stores people making large purchases as a stocking up, but on the other side trading markets like stocks/cryptocurrencies markets experienced a deep downturn.

Unless the panic around the coronavirus has stabilizes and dont calm down, we do not expect a high inflow of finance into the tradingmarkets, but let’s look at the technical analysis together.

  • 1H we can see a 1/2/3/4/5 structure and a completing ABC pattern are formed which could first shoot the BTC to 9 200$ / 9 300$ and then test the 8 000$ threshold.
  • 4H we see a likely reversal of the trend.
  • RSI shifted from oversold zone.
  • MACD lines support further upward movement.
  • The RSI and MACD prizes create a bullish divergence.
  • Over the weekend we could see the accumulation and the creation of a bullish wedge pattern.
  • We see the 3 lows structure with declining power of bears.
  • The accumulation lasted 4 days, which is a long enough time for the bull’s impulse to come.
  • A 9 000$ test is possible, but we have to be careful, because we register resistance at 9 100$

Be very careful and trade responsibly towards your own finances in these times.


Share Tweet Send
You've successfully subscribed to CCnews24
Great! Next, complete checkout for full access to CCnews24
Welcome back! You've successfully signed in
Success! Your account is fully activated, you now have access to all content.