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.

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