30.06.202013:59 BTC analysis for June 30,.2020 - Watch for the potential drop on BTC towards the 8.900

Corona virus summary:

Exchange Rates 30.06.2020 analysis

China has stopped almost all imports of pork from the Netherlands, following Covid-19 outbreaks at some of the largest Dutch slaughterhouses.

China banned meat delivered by four of the largest Dutch abattoirs on Sunday, a Dutch government spokeswoman said on Tuesday.

It gave no specific reason for the ban, but workers at all of the abattoirs have recently been infected with coronavirus, said Elise van den Bosch.

"Clearly, China is looking for the source of its second wave of COVID-19 infections, which they might feel could come from imported meat", she said.

"But there is no scientific evidence for the possible transmission of the virus through food or packaging materials."

Technical analysis:

BTC has been trading in consolidation at the price of $9,145. I see bearish flag pattern in creation and potential for the bearish continuation. Downward targets are set at $8,900 and $8,665.

Due to bear flag in creation and the downward slopping trend-channel, my advice is to watch for selling opportunities with the targets at $8,900 and $8,665.

Resistance is set at $9,330

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

Performed by Petar Jacimovic,
Analytical expert
InstaForex Group © 2007-2020
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