30.03.202013:55 Forex Analysis & Reviews: BTC analysis for 03.30.2020 - 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

Corona virus news:

Exchange Rates 30.03.2020 analysis

Stringent new international restrictions on movement introduced because of the coronavirus pandemic are threatening the lives of millions of people across the world already caught up in humanitarian emergencies.

UN agencies, aid groups and international experts have warned that the new restrictions, which have closed borders and ports, and severely limited the movement of key staff from Africa to South America and Asia, threaten a "dramatic" knock-on effect in countries suffering from conflict, extreme climate events and other crises.Lola Castro, regional director of the World Food Programme (WFP) for southern Africa, said the interruption of food programmes for millions of people in the 12 countries that they cover, which have experienced three years of poor harvests because of drought, would have a "critical impact".

Technical analysis:

BTC has been trading downwards as I expected. There 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 on the rallies.

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

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Petar Jacimovic,
Analytical expert
InstaForex Group © 2007-2020
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