Cryptocurrency Analysis

[IFX_Selena]

BTC analysis for 03.09.2020 - Massive drop on the BTC and both downside tarrgets reached, still strong selling pressurre and potential forr test of $6.475

Industry news:


As Bitcoin (BTC) mining difficulty and hashrate hit new highs, less efficient miners, hurt by the virus outbreak, new-generation rigs, and falling BTC prices, may be out of business.Bitcoin mining difficulty, a measure that shows how hard it is to compete for mining rewards, has hit yet another record. According to the major Bitcoin mining pool BTC.com, it climbed to 16.55 T today, never being outside the 15 T range before.This was a rise of 6.88%. It follows a 0.38% drop in mining difficulty two weeks ago, which was the first drop this year. That said, it took BTC mining difficulty just half a year to climb from 10 T to 16 T, making validating new blocks harder.


Technical analysis:
BTC been trading downwards as I expected.The price reached both of our Friday's targets at $8.210 and $7.680. Anyway, there is still strong selling pressure together with the gap down, which is indication for the further downside movement.

I would watch for selling opportunities in case of the breakout of the Pitchfork median line. Next major downward target is set at the price of $6.475.

Stochastic is in oversold zone but with new momentum to the downside.

Resitance is set at $8.457 (bottom of the gap)

Support level is set at the price of $7.678





Performed by Petar Jacimovic
Analytical expert
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