BTC analysis for 03.05.2020 - Bigger drop is expected towards the levle of $7.650, potential completion of the ABC correction

Industry news:
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According to reports, a full session of the National Assembly of the South Korean parliament has passed an amendment to the Act on Reporting and Use of Specific Financial Information. Owing to this amendment, cryptocurrency trading is now 'legitimized' and has made its way into the legal system for the South Korean government.This is a huge win for the digital asset industry, especially for the many exchanges and platforms based in South Korea, as the report claimed that this amendment will usher in a complete restructuring of the blockchain industry.


Technical analysis:
BTC been trading upwards.The price reached the resistance at the $9.100. I found potential end of the upward correction and completed ABC pattern.

I would watch for selling opportunities and downward tarrgets at the prrice of $8.210 and $7.678.

Stochastic is in overbought zone and it is good confirmation that buying looks risky and selling preferable.

Resistance level is set at the prie of $9.280

Support levels and downward targets are set at the price of $8.210 and $7.678




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Performed by Petar Jacimovic
Analytical expert
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