03.04.202013:48 Forex-elemzések és áttekintések: BTC analysis for 04.03.2020 - Major pivot resistance at the price of $7.000 is on the test, potential for downside rotation

BTC news:

With growing mobile money across the globe, Revolut has joined the list of growing bank challengers in the UK. The platform is offering an alternative to the central government-controlled fiat currency. With a fixed supply, Bitcoin is seen as the alternative to the fiat especially at a time when governments are printing more money through the quantitative easing program.

Technical analysis:

BTC has been trading upwards.The price tested and rejected of the very important pivot level at $7.000, which is sign that there is potential for downside rotation. The action around the critical level at $7.000 will be important fore the further direction.

Yesterday's daily close was well off the high, which is another sign that there is potential for the downside.

MACD oscillator is still showing reading below the zero but the slow line is going upwards.

Major resistance is set at $7.000 and the next one is at $7.630.

My recommendation is to watch for selling opportunities around the critical pivot at $7.000.Potential targets can be set at $6.131, $5.180 and even $3.877