Technical analysis of BTC/USD for Mar 20, 2020

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Crypto Industry News:

Among the significant revival around Bitcoins after several consecutive market busts last week, billionaire and investor Tim Draper presented another optimistic forecast regarding Bitcoin.

In a media interview, Draper presented decentralization related to Bitcoin and other new technologies as the main tool that has the ability to transform the largest industries in the world.

According to Draper, Bitcoin will be one of the most important tools in times of overcoming the ongoing global financial crisis, opposing the main cryptocurrency to centralized structures such as banks and governments. He believed that new technologies, such as Bitcoin and artificial intelligence (AI), could potentially completely transform all industries, from banking to healthcare and real estate. As an example, Draper cited a use case in the insurance industry, arguing that the combination of artificial intelligence, intelligent contracts based on Blockchain and Bitcoin technology is the perfect start for an insurance company.

For example, I could set up an insurance company with actuarial artificial intelligence to determine fraud, and create an intelligent contract with Bitcoin and put everything on Blockchain.

Tim Draper, a pioneer of business ventures in the US and co-founder of Draper Fisher Jurvetson Venture Company, has become one of the main proponents of the cryptographic industry. In addition to Morgan Creek founder Anthony Pompliano and former anti-virus software magnate John McAfee, Draper is known for his great Bitcoin forecasts.

Technical Market Overview:

The BTC/USD pair has broken out of the narrow range after the price has hit the level of $5,550, which is short-term technical resistance for the market and reversed towards the narrow horizontal zone. This technical resistance has been violated recently and BTC/USD made a new local high at the level of $6,135. The momentum is strong and positive, but if the fears related to coronavirus pandemic intensity, the wave down might even break through this key long-term technical support.

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 20/03/2020:

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