BTC/USD Update
Updated
The 7400 area is acting as resistance just as expected. We had a quick dip and rebound of ~3.5% this morning and that could be signaling some supporting buying power at these prices. However, the trading range is starting to narrow withing this rising pendant and a breakout is coming. What must be noted is the declining volume. There could be some signs of bearish divergence starting to emerge.
Prices are still pretty correlated with the equity markets as the financial world sits and waits for further developments in the fight against this pandemic. Keep an eye on the markets, I expect more sharp and violent moves in the coming weeks.
Prices are still pretty correlated with the equity markets as the financial world sits and waits for further developments in the fight against this pandemic. Keep an eye on the markets, I expect more sharp and violent moves in the coming weeks.
Note
The price is respecting the downtrend and a clean break above 7000 is needed in order to keep this recovery going. Hoping for a strong bounce of the green zone to verify it as a support level. If the price moved below 6500 I will have my sights set on 5-6k. 
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