BTC analysis for 03.19.2020 - Potential end of the upward correction, watch for selling opportunities near the pivot at $6.000, the downward taget is set at $3.800

Industry news:
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The upcoming block reward halving may put more pressure on the weary shoulders of Bitcoin miners. Bitcoin's price action over the past week has not really helped this cause, but in many ways, casts a shadow of a doubt over the sustainability of mining, mainly for smaller mining pools. At press time, Bitcoin was trading at $5385, having lost over 30 percent of its value since last week.

John Lee Quigley, Head of Research at MinerUpdate, recently appeared on the Stephen Livera podcast and highlighted some of the implications of Bitcoin's price crash on the mining community.Announcing this latest move Ms Lagarde said the ECB will do everything in its powers to support the euro in these "extraordinary times".


Technical analysis:
BTC has been trading upwards at the level of $5.800. There is the solid resistance at $6.000 and potential good zone for selling opportunities.I still expect downside movement towards the levels at $3.800 and $3.162. In my opinion BTC is in upward correction and there is possible ABC completion that can come very soon.Watch for selling opportunities...

The downward targets are set at the price of 3.800 and $3.162.

My advice is still to watch for selling ....

MACD oscillator is showing new momentum down in the background, which is strong sign of the bearish pressure.

Resistance level is set at the price of $6.000

Support levels and downward targets are set at the price of 3.800 and $3.162.




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Performed by Petar Jacimovic
Analytical expert
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