FX.co ★ BTC analysis for May 27, 2020 - Watch for downside rotation towards $8,625

Corona virus summary:

Germany has extended social distancing rules aimed at containing the spread of the coronavirus epidemic to 29 June, Chancellor Angela Merkel's government said on Tuesday. Merkel's government had been embroiled in disagreements with the least-affected states, some of which wanted to ditch the measures and open up entirely. Germany's virus caseload now tops 181,200 with just over 8,372 deaths - much lower than European counterparts such as Britain, France, Spain and Italy.

Technical analysis:

BTC has been trading upwards. The cryptocurrency is testing the level of $9,140. Anyway, I still see potential for the downside rotation towards the levels at $8,265 and $8,155. The short term trend is still to the downside.

Trading recommendation:

Watch for potential downside rotation towards the level at $8,625

Support level is seen at the price of $8,265