Technical analysis of BTC/USD for Mar 16, 2020

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Crypto Industry News:

The Italian Red Cross collects donations in bitcoin and other cryptocurrencies to fight the coronavirus pandemic. Helperbit helps him in the process.

The proceeds from the collection will reportedly be used to set up an “advanced second-level medical facility to pre-segregate COVID-19 cases in this country.” It is expected that a target of EUR 10,000 will be achieved for the purchase of necessary medical equipment and the construction of infrastructure.

In addition, BTC will – after converting them to Fiats – also be spent to cover the costs of medical personnel who will be involved in the project.

Bruno Pietrosanti, chairman of the Colli Albani Committee, who also participates in the collection, said that in general, “reduce the pressure on hospitalizations” due to the increase in the number of infected patients and the reduced number of places available in Italian hospitals. Added:

“We believe that an innovative fundraising tool, such as bitcoin, can help us find the necessary economic resources that are very difficult to obtain at this historic moment.”

The campaign is also supported by Young Srl, a fintech startup that operates in the cryptocurrency sector to support community initiatives, and by Blockchain Education Network Italy, a non-profit organization that promotes BTC and blockchain in Italy.

Technical Market Overview:

The BTC/USD pair has hit the level of $5,909 during the weekend, which was a key short-term technical resistance for the market. The Bearish Engulfing candlestick pattern was made at this level and the market reversed towards the level of $4,890. The momentum is still weak and negative, so bears might develop another wave down towards the technical support located at the level of $3,946 soon.

Weekly Pivot Points:

WR3 – $12,242

WR2 – $10,225

WR1 – $8,024

Weekly Pivot – $5,824

WS1 – $3,603

WS2 – $1,606

WS3 – $10

Trading Recommendations:

All the Elliott Wave based impulsive wave scenarios have been invalidated due to the important levels violation. The fear of the coronavirus consequences is too strong to traders and it rules on the financial markets, so it is better to stay away from the trading platform until the dust settles. Trade safe.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of BTC/USD for 16/03/2020:

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