Technical Analysis of BTC/USD for 24/04/2020:

Bitcoin rally amid the global coronavirus pandemic

Crypto Industry News:

About 75,000 BTC is added daily to long-term contract positions, according to data showing investor behavior. According to those presented by Glassnode monitoring resources from today, this month there was a significant increase in Bitcoin's position. These data show that the long-term investors of this cryptocurrency are in bearish mode, and are trying to buy coins at a price that they find attractive.

At current rates, investors add over 75,000 BTC to their positions every day. Meanwhile, according to Google Trends, there is a clear awareness among internet users about the upcoming Bitcoin halving, as well as the potential price increase that may result from this.

Earlier this week, the Coinbase exchange reported that it had seen an increase in Bitcoin purchases of $ 1,200. We remind you that this is the amount that was included in the stimulus checks for US citizens.

Technical Market Outlook:

The BTC/USD pair has extended the rally, broken through all techncial resistance and made a new swing high located at the level of $7,707. It is worth to notice, the high was made in form of a Pin Bar candlestik, co the temporary correction is expected towards the level of $7,386 or even $7,247. on the other hand, the next target for bulls is seen at the level of $7,897 - $7,934.

Weekly Pivot Points:

WR3 - $8,288

WR2 - $7,759

WR1 - $7,459

Weekly Pivot - $6,596

WS1 - $6,675

WS2 - $6,137

WS3 - $5,855

Trading Recommendations:

The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in Bitcoin and treat BTC as a digital gold. The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.


The material has been provided by InstaForex Company -