Technical Analysis of BTC/USD for Mar 30, 2020

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Crypto Industry News:

The World Health Organization (WHO) has today teamed up with major Blockchain and technology companies to launch a DLT-based platform for sharing coronavirus pandemic data.

The MiPasa platform was built on the basis of Hyperledger Fabric and aims to enable “early detection of COVID-19 carriers and infection hotspots.”

MiPasa was launched in cooperation with the IBM technology company, the Oracle computer company, the Hacera Blockchain corporate platform and the Microsoft IT corporation. The platform aims to facilitate “fully private exchange of information between individuals, state authorities and health institutions.”

China has implemented Blockchain in many applications to support its efforts in the fight against COVID-19, using DLT to track the spread of the virus, medical records, and distribution of medical materials and charitable donations.

Technical Market Outlook:

The BTC/USD pair has been rejected on the level of $6,863 and broke below the technical support located at the level of $6,271. This level will now act as a resistance for the price, so it is worth to notice, that is located very close to the short-term trend line (marked in black). Currently, Bitcoin bulls are trying to bounce after the new local low was made at the level of $5,825, but to make this bounce more important, the bulls must break through the level of $6,271. In a case of a failure, the lower levels of the red zone will be tested, like $5,605 and $5,500.

Weekly Pivot Points:

WR3 – $7,805

WR2 – $7,343

WR1 – $6,514

Weekly Pivot – $6,022

WS1 – $5,217

WS2 – $4,764

WS3 – $3,965

Trading Recommendations:

The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in Bitcoin and treat BTC as a digital gold. The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.

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

Source:: Technical Analysis of BTC/USD for 30/03/2020:

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