BTC analysis for 03.25.2020 – Potential end of the upward correction and downside continuation (bearish flag pattern), drop

Corona virus news:

analytics5e7b7059766f2.jpg

Iran:

A major crackdown on travel and an imposition of social distancing measures are to be introduced in Iran in the next 24 hours. Iran reported 2,206 new coronavirus cases in last 24 hours raising the total number to 27,017. The country also announced 143 deaths in the same period, raising the total number of deaths to 2,077.Technical analysis:

BTC has been trading sideways at the price of $6.600. My bear view from yesterday is still valid.The price is again near the important resistance pivot levels at $7.000. I still expect potential downside movement towards the levels at $4.400 and $3.800.

Watch for potential selling opportunities in case of the breakout of the bearish flag pattern on the daily time-frame.

MACD oscillator is showing downside momentum and falling slow line, which is sign that sellers are in control on the mid-term prospective.

Resistance levels are found at the price of $7.000 and $7.300.

Support levels are set at the price of $4.412 and $3.800

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