FX.co ★ BTC analysis for 04.20.2020 - The drop has started as I expceted. The downward target is set at the price of $6.500.

Corona virus summary:

An emerging shortage of carbon dioxide gas (CO2) caused by the coronavirus pandemic may affect food supply chains and drinking water, a Washington state emergency planning document has revealed.

Technical analysis:

BTC has been trading downwards as I expected. The price did break of the important support at $6,970 and confirmed further downside movement. My analysis from Friday is still active and the downside targets are set at the price of $6,555 and $6,460.

Trading recommendation:

Watch for selling opportunities on the rallies with the downward targets at the price of $6,555 and $6,460.

MACD oscillator is still showing negative reading on the 1H time-frame with the slow line slopping to the downside, which is sign that down cycle is active...

Resistance levels are set at the price of $7,200

Support levels and downward targets set at the price of $6,555 and $6,460.