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Bitcoin – USD – Forecasts, March 20, 2020
Bitcoin – USD – Forecasts, March 20, 2020
Posted

By - Jamel Lahiani

Posted - 20-03-2020
  • The Bitcoin/USD is bullish volatile at short term. Sell
  • The Euro/USD is ranging volatile at short term. Sell
  • The USD/CAD is bearish volatile at short term. Sell

Today our analysis will be concerned with:
BTCUSD (Bitcoin /US Dollar) the most popular cryptocurrency in the world exchanged to the US dollar. Bitcoin price grew significantly within a short period of time making the BTC/USD pair quite popular among active traders and investors.

EURUSD (Euro /US Dollar) is the most traded currency pair in the world. This pair represents the world two largest economies and has faced most volatility since the inception of the euro in 1999. USDCAD (US Dollar /Canadian Dollar) is a very popular currency pair and represent the exchange rate of the two neighbor money, the U.S. and Canada.

USD

FOREX Market Insights
US stocks recover positive on Thursday after & huge decline as policymakers around the world
concerned to help financial markets cope with deep coronavirus-driven economic damage. Also, the
European shares ended higher after more emergency stimulus from the Bank of England to dampen
the economic shock from the coronaries outbreak. While China stocks ended lower with limited loss as investors expected further stimulus measures from policymakers to shield the world’s second-largest economy from the impact of the coronavirus. The Energy stocks jumped on Thursday by 3% from a 24-year low, amid a price war between major producers and weakening demand due to strain from the outbreak and the decline of the aeronautic transport.

Today in Focus
Today, we have a high impact published indicators and events:

AT 12H30GMT: The Retail Sales released by the Statistics Canada is a monthly data that shows all goods sold by retailers based on a sampling of retail stores of different types and sizes.

AT 14H00GMT: The Existing Home Sales, released by the US National Association of Realtors provide an estimated value of housing market conditions.

USD

GRAPHIC 1: BTCUSD HOURLY CHART (MARCH 20, 2020)
OPEN PRICE: 6193.02  SUPPORT: 5290.00  RESISTANCE: 6405.26
The BTCUSD chart has a bullish volatile movement between the red resistance line and the green support line. The chart is moving above the MA14 blue line. It is expected profitable to sell this pair if
a candle pullback from the red resistance line. A buy order is expected profitable if a candle closes above the red resistance line. If a candle closes under the green support line, a sell order is more profitable. The BTC is more weakened by coronavirus outbreak than the US dollar because it is virtual money and investors prefer sure equities and money.

USD

GRAPHIC 2: EURUSD HOURLY CHART (MARCH 20, 2020)
OPEN PRICE: 1.06910  SUPPORT: 1.06536  RESISTANCE: 1.08367
The EURUSD chart has a ranging volatile movement between the green support line and the red
resistance line. The chart moves above MA14 line. It is expected profitable to sell this pair if a
pullback occurred from the top of the range to the downside. If a pullback occurred at the bottom of
the range to the upside then a buy order is expected profitable. If a candle closes outside of the
range then just follow the trend.

USD

GRAPHIC 3: USDCAD HOURLY CHART (MARCH 20, 2020)
OPEN PRICE: 1.45121  SUPPORT: 1.41664  RESISTANCE: 1.46578
The USDCAD chart has a bearish volatile movement inside the red-colored channel. The chart follows
a lower low and lower high movement. It is expected profitable to sell this pair if a pullback occurred
at the top of the channel. If a candle closes under the bottom limit of the channel then there is a
strong downtrend and the sell order will be more profitable.

 

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