FX.co ★ BTC analysis for 04.10.2020 - The drop started (broken support trendline), watch for downside movements towards the level at $5.813

Corona virus news:

The World Trade Organisation, in its latest report, revealed that global trade is expected to fall between 13% to 32% for the year 2020 because of the ongoing global pandemic.

The World Trade Organisation reported that global trade is expected to fall by between 13% and 32% in 2020 as the COVID 19 pandemic disrupted normal economic activity and life all around the world. The report emphasizes that the immediate goal is to bring the pandemic under control. WTO also mentioned that forecasting how the world economy will look like in 2021 or 2022 remains difficult.Technical analysis:

BTC has been trading downwards as I expected. The price started the drop as I forecasted yesterday and now is heading for the test of our downside targets

You can still watch for selling opportunities on the rallies using the intraday time-frames. The downward targets are set at the price of $6.595, $5.813, $4.410 and $3.810.

MACD oscillator is showing that the slow line is in decline, which is good indication for further downside.

Major resistance level is set at the price of $7.500.

Support levels and downward targets are set at the price of 6.59

5, $5.813, $4.410 and $3.810.