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Technical Analysis of BTC/USD for May 4, 2020
Crypto Industry News:
A new study revealed a growing increase among cryptocurrency users in Europe and the Americas. Studies show a 43.24% increase among women in the first quarter of 2020. For comparison, in the fourth quarter of 2019 an increase of only 15.5% was observed.
The number of people aged 18-24 increased by 65%, and the continents of the Americas and Europe recorded a more than 50% increase. Studies show over 80% growth in some Latin American, European and Asian countries. Argentina excels throughout Latin America. Their increase was over 98.23%, followed by Columbia from 82.03% and Venezuela from 80.23%.
Greece has the fastest growth in Europe at 163.67%. Romania is second with 125.09%, Portugal with 89.95%, Ukraine with 86.68% and the Czech Republic with 85.6%. In Asia, only Indonesia recorded an increase of over 88.92%.
Europe seems to be at the forefront of women’s growth, showing 58.55% in Q1 2020, followed by both American continents from 50.59%. In Africa, there is still low growth of only 17.99%.
Technical Market Outlook:
The BTC/USD pair has been continuing the corrective cycle all weekend and during the early Monday trading hours the price has been seen heading towards the recent low at $8,357. Any violation of this level will deepen the correction towards the level of $7,934 which is a key short-term technical support for the price. Weak and negative momentum supports the short-term bearish outlook.
Weekly Pivot Points:
WR3 – $11,425
WR2 – $10,480
WR1 – $9,720
Weekly Pivot – $8,578
WS1 – $7,824
WS2 – $6,750
WS3 – $5,970
Trading Recommendations:
The recent rally in Bitcoin was made in anticipation of Bitcoin halving and it is a classic pump and dump scheme. 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 until the level of $10,791 is clearly violated.
The material has been provided by InstaForex Company – www.instaforex.com
