Coronavirus tests Bitcoin TRENDLINE
The week we have passed, will be in history probably as one of the bloodiest in the 21st century for BTC.
Bitcoin has experienced the biggest day drop in price in the last 7 years.
Let’s look at what will be the evolution of the BTC price the following days, weeks.
One of our analysts writes:
The BTC is now succumbed to the panic around CORONAVIRUS and was destroyed long-standing trendline.
At present we can look at 2 scenarios:
- If the BTC will tests this trendline again and does not come back, we will succumb to the descending channel and go even further down propably to $ 3,000.
- BTC will recovery and he attempts to cross the horizontal resistance zone in the coming weeks.
Weekly Candle Must Be Closed Over $ 5500 (WMA200) to resume climbing up!
Do not expect rapid purchases, and high volume!
Everything now depends on what news the world leaders tell us and what the course and impact on the economy will be.