Relevance up to 06:00 2020-03-28 UTC–7
Bitcoin (BTC) has fallen 4% in the past 24 hours, but its losses may be down to an old culprit which has already sparked market volatility and selling pressure.According to data from online monitoring resource Skew, March 27 will see the expiry of Bitcoin options open interest worth 49,400 BTC ($328 million).
BTC has been trading sideways at the price of $6.620. I expect further drop on BTC towards the levels at $4.412 and $3.800.
Watch for selling opportunities in case of the breakout of the bearish flag pattern. The breakout of the $6.440 to the downside would confirm further bearish continuation.Downward targets are set at the price of $4.412 and $3.800
MACD oscillator is showing slow upside momentum and the slow line turned to the downside, which is sign of the potential downside continuation.
Resistance levels are set at the price of $7.000 and $7.250.
Intraday support level is set at the price of $6.440.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Petar Jacimovic,
InstaForex Group © 2007-2020
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