• @Savdoescrypto

BTC/USD Holds Key Support as Global Markets Slide



BTC/USD sold off along with other global markets this week as an increase in global risk aversion caused funds to seek safety.


The BTC/USD price is currently trading within the blue support zone, having bounced once off the bottom of the zone at $7,627. Bulls might be buyers at these levels, with tight stops under the bottom of the key support zone.


Traders should be aware of large intraday moves "stop-loss fishing" below key support levels such as the bottom of the blue support zone. With the RSI dipping closer to oversold territory, opportunistic bulls may be buyers of intraday breaks below key support at $7,627.


Bears will be waiting for a clear and sustained break below the bottom of the blue support zone and a resumption of a broader 9-month downtrend.


The Coronavirus and its ensuing impact on global economies remain of key importance to Bitcoin and its place in financial markets going forward. Of key importance to all traders is whether BTC/USD maintains or breaks its current correlation with broader global markets.

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 feedback@btse.com or DM us on Twitter: @BTSEcom.

Categories
Company
Community

© 2019-2020 btse.com All rights reserved