BTC / USD Analysis

BTC / USD Analysis

The previous week, with rumors that Trump's projected loan on behalf of individuals would be fitted in the Supreme Court, the economy suffered a pullback in the markets, with BTC/USD Limited where it broke the channel upward and went back to in-Channel Trading. Cryptocurrency, which was priced under channel resistance for almost a week, was followed on July 17, 2020, by the news of hacking via Twitter, with sales pressure occurring, breaking 20 MA downwards, and testing 9070 support. Although the BTC, which is often cited for its positive correlation with the S&P, has recovered towards 9220 resistance throughout the day, it is possible to note that risk factors persist. Outside of China, the likelihood that developing country economies could experience a 5 percent contraction this year is likely to be followed by a coronavirus and the economic risks it raises. Looking at the 0.87% correlation of the S&P 500 and Bitcoin in line with the developments, it is predicted that BTC could qualify at the level of risky assets. Therefore, investor behavior and the level of risk avoidance should be closely monitored. All these developments after the Twitter news are among the other factors that have limited upward mobility. Looking at the data, it appears that both the Asian market, S&P, and coronavirus news should be closely followed. In this context, critical resistances and possible returns during risk and uncertainty situations in the market should be followed. In short, the gradual withdrawal of the BTC/USD parity predicts that the effects of coronavirus and the outbreak on the global economy will have an impact on pricing. In this context, it is expected to be monitored given the S&P correlation for BTC/USD, and a negative table could result in returns from critical resistances. But an upward break in critical resistance could affect changes in investor choices, and the Bulls could regain strength. Resistance: 9220 – 9330 – 9500 – 9650 Support: 9150 – 9070 – 8900 – 8800