BTC/USD Under Pressure As The World Enters Lockdown.
BTC/USD sold off aggressively this week as risk-aversion became the prevailing theme in global markets.
With BTC/USD finding support at the top of its prior 6-month downward trending channel, bears might be eager profit-takers with the view to reload from higher resistance zones.
Swing trading bulls will favour entries at current levels, watching for a follow through on the 14-day RSI breaking above the 30 level.
Longer-term bears will note that the recent false breakout of $10,000 was followed by a new lower-low in the 8-month downward trending channel. Re-tests of $9,000 - $10,000 might now become popular shorting opportunities.
Longer-term bulls may be eager buyers of this panic, anticipating less indiscriminate global selling and the prospect of Bitcoin showcasing its merits as a digital store of value during one of the most uncertain times in global market history.
These are times when maintaining a level-head can be very profitable. Stay safe out there.
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