FX.co ★ BTC analysis for 03.24.2020 - Potential end of the upward correction and downside continuation, drop towards the level of $3.800 very possible. The breakout of the bearish flag will be confirmation.

Corona virus news:

Italian and Spanish PMIs will be published on 1-3 April but today's flash releases already confirm that the economic slump will be worse than in core countries, and much deeper than during the Global Financial Crisis.

Technical analysis:

BTC has been trading upwards. The price is again near the important resistance pivot levels at $7.000. I still expect potential downside movement towards the levels at $4.400 and $3.800.

Watch for potential selling opportunities in case of the breakout of the bearish flag pattern on the daily time-frame.

MACD oscillator is showing downside momentum and falling slow line, which is sign that sellers are in control on the mid-term prospective.

Resistance levels are found at the price of $7.000 and $7.300.

Support levels are set at the price of $4.412 and $3.800