Cryptocurrency Analysis

[IFX_Selena]

BTC analysis for 03.10.2020 -The level of $8.460 is strong resistance pivot and good shorting spot, potential for the further downside continuation towards the level of $6.476

Industry news:


In brief

China appears to have brought its coronavirus epidemic under control, with new cases slowing.

The global Bitcoin hashrate didn't drop off during the peak of China's epidemic in February.

That's despite China accounting for two thirds of the global Bitcoin hashrate.

China's drastic measures in response to the coronavirus outbreak appear to have brought the epidemic under control—and the country's Bitcoin mining industry seems to have shown no signs of slowing down during the crisis.

Although half of Bitcoin's hashrate comes from Chinese mining pools, it has consistently set new highs throughout the past two months, with no major drop off during the height of the coronavirus crisis in February.


Technical analysis:
BTC been trading upwards. In my opinion, the BTC is in upward correction phase and the level at $8.460 seems like a strong resistance level and potential short-zone. In the background, there is the gap down and the BTC is trying to test the gap area. There is no indication of any reversal yet.

Watch for selling opportunities on the ralllies with the main target at $6.475.

MACD is showing the new momentum down, which is good confirmation for the further downside.

Major resistance is set at the price of $8.460

Support levels are set at the price of $7.615 and $6.476




Performed by Petar Jacimovic
Analytical expert
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