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Crypto Industry News:
According to data on the blockchain.com website, the daily amount of confirmed transactions in the bitcoin network has been following the exchange rate over the last years. In December 2017 and in May-July 2019, when bitcoin recorded high valuations, the number of transactions also recorded its historical peaks - 450-500k one day transactions.
In times of crisis, however, as we are currently dealing with, while falling, there are also fewer transactions. From summer 2019 to March 2020, the daily number of transactions in the Bitcoin network was on average 275-350k transactions. In mid-March, the markets recorded declines in the BTC exchange rate, which also resulted in transactions carried out, the number of which fell to 225-275k transactions.
Bitcoin network can be explored in many ways and many indicators can be derived. One of such is the time of mining the block, which in March increased by 40 percent. This is not positive information, because block mining takes longer, which in turn translates into a longer wait for confirmation of the transaction. In addition, network computing power (hash rate) has recently been reduced - by up to 40%.
Technical Market Outlook:
The BTC/USD pair has bounced from the level of $6,120 and made a new local high during a short-term rally towards the trend line resistance (marked in black). The new local high was made at the level of $6,712 and since then the price is consolidating the recent gains. In a case of a failure here, the lower levels of the red zone will be tested again: $5,900 and $5,500. The price of BTC/USD keeps trading below the trend line and the larger time frame trend remains down, so the odds favor the bears as long as the level of $6,908 is not clearly violated.
Weekly Pivot Points:
WR3 - $7,805
WR2 - $7,343
WR1 - $6,514
Weekly Pivot - $6,022
WS1 - $5,217
WS2 - $4,764
WS3 - $3,965
Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in Bitcoin and treat BTC as a digital gold. The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.
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