BTC/USD Continues to Rise Amidst Chaos in Global Markets
BTC/USD maintained bullish momentum over the week, as central banks inflated their money supply in response to the Coronavirus outbreak.
BTC/USD price currently trades shy of key resistance at $7,000, having broken above the orange resistance zone.
Bulls may be looking for a sustained move above $7,000 and a coinciding breakout of the 50 level on 14-day RSI as a sign that the bounce is not a 'dead cat'.
Bears will be eager shorters at current levels, anticipating a rejection of the $7,000 resistance and a return to below the orange resistance zone.
Traders should expect continued volatility as the market reacts to the evolving Coronavirus outbreak situation. As the situation unfolds, traders will pay particular attention to the correlation, or lack thereof, between BTC/USD and equity markets.
Trade safely and take care out there.
BTSE regularly hosts the technical analysis of experienced BTSE traders. Please note that we neither endorse any analyses published nor give you financial advice. Please make any trading decisions based on your own research.
Our aim is to create a platform that offers you the most enjoyable trading experience. If you have questions or suggestions, please don’t hesitate to reach out to us at email@example.com or DM us on Twitter: @BTSEcom.