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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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Technical analysis of BTC/USD for 17/03/2020:

Crypto Industry News:

According to a press release, Microsoft's programmer, philanthropist and co-founder Bill Gates will leave the board of directors.

A 64-year-old business magnate founded Microsoft with Paul Allen in 1975. The company is certainly best known for its Windows operating system, which was released in 1985 and remains just as important today.

Microsoft announced at the end of 2019 the Blockchain token and data management service, which will be a new tool for users of its corporate Azure service. Sam Gates also recently supported a Blockchain security service for fintech companies in Africa and Asia called Crest, writing a check for $ 1.4 million earlier this month to help financial technology companies in these areas provide financial services to people without access to banking services.

Microsoft's release explains that Gates's departure from the council involves spending more time on his philanthropy and efforts to combat climate change.

Technical Market Overview:

The BTC/USD pair has hit the level of $5,909 during the weekend, which was a key short-term technical resistance for the market. The Bearish Engulfing candlestick pattern was made at this level and the market reversed towards the level of $4,890. Since then the market is trading in a narrow range and still tries to bounce, but so far no avail. The momentum is still weak and negative, so bears might develop another wave down towards the technical support located at the level of $3,946 soon.

Weekly Pivot Points:

WR3 - $12,242

WR2 - $10,225

WR1 - $8,024

Weekly Pivot - $5,824

WS1 - $3,603

WS2 - $1,606

WS3 - $10

Trading Recommendations:

All the Elliott Wave based impulsive wave scenarios have been invalidated due to the important levels violation. The fear of the coronavirus consequences is too strong to traders and it rules on the financial markets, so it is better to stay away from the trading platform until the dust settles. Trade safe.

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The material has been provided by InstaForex Company - www.instaforex.com