FX.co ★ BTC analysis for 04.02.2020 - Watch for the price action around the very important pivot at the price of $6.960 to confirm further direction

Corona virus news:

Leading blockchain intelligence firm Chainalysis has found that the COVID-19 pandemic and global economic contraction is affecting Bitcoin (BTC) consumer habits in surprising ways.In a new report published on March 30, Chainalysis details how Bitcoin spending trends in three areas — merchant services, gambling and darknet marketplaces — have changed, or even reversed.

Technical analysis:

BTC has been trading upwards.The price tested the level of $6.690. Anyway, the main pivot is set at the price of $6.960 and you should watch for the price action around it.

The successful rejection of the resistance at $6.960 would confirm downside and potential testing of $5.800 and $4.476

The eventual breakout of the resistance $6.960 can lead us for test of $7.623.

Stochastic oscillator is showing overbought condition, which increases the risk for the further upside...

Resistance levels is set at the price $6.960

Support levels and downward targets are set at the price of $5.810 and $4.476.