BTC analysis for 04.07.2020 – Major resistance set at $7.640-$7.600 zone, watch for potential selling opportunities

News :

Discussing the global coronavirus epidemic and its impact on global finance, Dixon warned that the health aspect of the crisis was by no means its worst.”I don’t want to be dramatic, but this is a global reset in the financial system,” he told host Max Keiser.Coming after, he said, was a massive “scrambling” for power by governments and central banks. Taxpayers and those forced to rely on fiat money will pay the price.Dixon continued:”I think we’re going to see a real attack from central banks on traditional banks as we inevitably experience the ginormous consequences of essentially the world’s largest regulated Ponzi scheme.”

Technical analysis:

BTC has been trading upwards. The price tested the level of $7.400. Anyway, I found that BTC is near the important resistance zone ($7.640-$8.000) and my advice is to watch for potential selling opportunities due to strong resistance zone.

Watch for selling opportunities on the potential bear divergence on the momentum oscillators or any bearish pattern that can happen near the resistance.

Downside targets can be placed at $6.600 and $5.813.

MACD oscillator is showing upside pressure and the slow line is turned to the upside, which is still suggesting upside pressure.

Resistance levels are set at the price of $7.640 and $8.000.

Support level is set at the price of $7.270, $6.600 and $5.813.

The material has been provided by InstaForex Company –

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Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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