06.04.202013:46 Forex Analyse & Reviews: BTC analysis for 04.06.2020 - Important pivot resistance at the price of $7.245 on the test, watch for potential downside rotation

News :

Exchange Rates 06.04.2020 analysis

Since the price of bitcoin plunged to historic lows last month, the bitcoin network's hash rate has also been on a constant decline. Nearly 2.3 million S9 miners were wiped out in China recently as it became hard for miners to make profits. Network's hash rate indicates how secure and strong the blockchain network is.

Bitcoin's hashrate dropped from 133.29 EH/S, the highest since the start of 2020, to 108.16 on 12th March, when the price of the leading cryptocurrency plunged below $4,000. Since then, the hashrate has been continuously falling as miners face tough times to continue their operations. On 4th April, hashrate was at 96.9888EH/S, an increase in hashrate must be accompanied by an increase in the price of bitcoin for miners to maintain healthy profit margins. Technical analysis:

BTC has been trading upwards. The price is at the very critical pivot level at $7.245. This is decision level for BTC and you should watch carefully this level.I do expect potential downside rotation and rejection towards the level at the price of $5.827. Watch for selling opportunities.

Only if you see the breakout of the $7.245, watch for possible rise towards the $7.691.

MACD oscillator is showing neutral stance and no imbalance in momentum.

Resistance level is set at $7.245

Support levels are set at the price of $6.600 and $5.827.

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

Uitgevoerd door Petar Jacimovic,
Analytische expert
InstaForex Group © 2007-2020
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
Kan u nu niet praten?
Stel uw vraag in de chat.