Cryptocurrency Analysis

[IFX_Selena]

BTC analysis for 04.01.2020 - Potential drop on BTC is coming, the main objective is set at the price of $4.390

BTC news:


Along with decreasing volatility in the spot price of major cryptoassets, trading volumes in both bitcoin (BTC) and ethereum (ETH) futures contracts have also been on the decline across exchanges since the crypto market crash in mid-March.

As would be expected, the futures market was most active during the major sell-offs on March 12 and 13, but has since declined steadily. The decline was seen across most marketplaces, although it was most pronounced on the major exchanges OKEx and Bitfinex.


Technical analysis:
BTC has been trading sideways at the price of $6.300.

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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