FX.co ★ BTC analysis for June 23,.2020 - Watch for potential drop in case of the downside breakout of the channel. Target set at $8.890

Corona virus summary:

German economists see summer growth rebound after virus

A panel of economists that advises the German government has said Europe's leading economy will likely shrink 6.5% this year but the post-coronavirus recovery will begin "from the summer".

"Economic developments in Germany are likely to fall close to the deep 'V' scenario" described in an emergency forecast in March," the so-called "Wise Men" panel (SVR) said, referring to a sharp plunge and relatively swift rebound.

"From the summer, a gradual recovery should get going, making for 4.9% growth in 2021," said the Wise Men – who for the first time this year include two women on their five-strong panel.

Technical analysis:

BTC has been trading upwards as I expected. The price reached our first upward target at $9,460 but I see potential for the downside movement. Downward target is set at $8,890

Trading recommendation:

The confirmation of further downside movement will be in case of the breakout of rising trendline.

Watch for selling opportunities with the main target at $8,890