03.03.202014:13 Forex Analysis & Reviews: BTC analysis for 03.03.2020 - Watch for the breakout of mini upward Pitchfork channel to confirm further downside continuation and eventual test of $7.670

Industry news:

The network's hash rate today reached an estimated all-time high of around 136 quintillion hashes per second, according to Blockchain.com, which monitors the metric. Other monitoring services like Bitcoin Info Charts put it at around 120 quintillion hashes, which would still indicate that it has almost tripled in the past year. Bitcoin's hash rate generally measures the estimated computational power dedicated to the Bitcoin network. This accounts for things such as mining, public and private key creation, and the validation of blocks on the network. Miners also protect the network: the higher the hash rate and the more miners, the less likely the network is susceptible to a hostile takeover through a 51-percent attack.

Technical analysis:

BTC has been trading sideways at the price of $8.900. My analysis from yesterday is still active, I still expect bigger downside and potential testing of $8.190 and $7.695. To confirm the strong downside continuation I would like to see the breakout of the mini upward Pitchfork channel ($8.726). Downward targets are set at the price of $8.190 and $7.695

Stochastic oscillator is showing overbought condiiton, which is indication that buying looks risky and selling very attractive.

Resitance levels and potential sell levels are set at $8.950 and $9.270.

Support levels and downside targets are set at the price of $8.190 and $7.657.