BTC analysis for 03.23.2020 - Potential end of the upward correction and downside continuation, drop towards the level of $3.800 very possible

Corona virus news:
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US President Donald Trump has ordered the deployment of National Guard troops in the three states hardest hit by the corona virus outbreak.

Troops will be used in New York, California and Washington to deliver medical aid and set up medical stations after the number of deaths nationwide rose to 471 and infections to 35,244.There are fears of a shortage of key medical supplies in New York City.A bill to fund national relief efforts has been blocked in the Senate.

Opposition Democrats want the emergency stimulus bill, which is worth almost $1.4 trillion (£1.2 trillion), to include more money for state and local governments and hospitals, while Mr Trump's Republicans are pushing for quick action to reassure financial markets.


Technical analysis:
BTC has been trading sideways at the price of $6.270. Anyway, the multi pivot resistance at the prrice of $7.000 held successfully, which is sign of the overall downside pressure.I see potential downside continuation and re-testing of $4.400 and $3.800. Daily chart looks like a bear flag and potential end of the upward correction.

Watch for selling opportunities with the downward targets at $4.400 and $3.800.

MACD oscillator is showing strong selling pressure from the background, which is strong sign of the sellers in control.

Major resistance is set at $7.000.

Support levels and downward targets are set at the price of $4.400 and $3.800.




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Performed by Petar Jacimovic
Analytical expert
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