FX.co ★ BTC analysis for 05.13.2020 - Bearish flag pattern in creation and potential for further downside contianution. Next downward target is set at the price of $8.130

BTC News:

According to recent research conducted by Ripple, traders swap bitcoin (BTC) and ethereum (ETH) for XRP for their exchange balance transfers. Xpring's data scientist Shae Wang noted that the recent financial market instability has put cryptocurrencies networks to the test.

The increased trading volumes witnessed, sparked network congestion on both ethereum and bitcoin. This subsequently made it very difficult to move these two currencies in and out of exchanges. As a result, most traders opted for XRP for convenient exchange balance transfers.

Traders Use XRP For Interexchange Transfers To Escape High Fees And Delays On ETH And BTC Networks

Technical analysis:

BTC has been trading upwards. The price tested the level of $9,000, which is the middle Bollinger line and potential resistance. I expect further continuation of the downside movement towards the support levels.

Trading recommendation:

Watch for selling opportunities due to the bearish flag pattern in creation and potential for the downside continuation.