Cryptocurrency Analysis

[IFX_Selena]

BTC analysis for 03.31.2020 - I expect further drop on BTC towards the levels at $4.400 and $3.800. The gap breakout of the bear flag pattern is good sign for the continuation

BTC news:


Egypt Limits Cash Withdrawals

On Sunday, Egypt's central bank instructed all banks to limit daily withdrawals. According to the decree, the daily limit for individuals will be 10,000 Egyptian pounds ($640) and 50,000 pounds for companies. [The National] There will be exemptions for companies if the money is being used to pay employees.ATMs in the entire country will also be limited. Going forward, users can only withdraw and deposit 5,000 Egyptian pounds ($316) at ATMs. All bank fees will also be canceled in the country.

Thus far, Egypt has around 576 corona-virus infections and 36 deaths. The closures in the country currently in place will be extended "indefinitely."


Technical analysis:
BTC has been trading sideways at the price of $6.370. My bearish analysis from yesterday is still active In the background,here is the gap down tought the bearish flag pattern, which is strong sign of the sellers. My advice is still to watch for selling opportunities.

The level at the $6.367 looks like a great sell zone...

Downward targets are set at the price of $4.390 and $3.800.

MACD oscillator is showing decreasing momentum and the slow line turned to the downside, which is another confirmation for our bearish bias.

Resistance levels are set at the price of $7.000 and $7.500

Support levels and downward targets are set at the price of $4.390 and $3.800




Performed by Petar Jacimovic
Analytical expert
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