Author Topic: #What are the effect on Bitcoin & Stock Trading by Coronavirus  (Read 65 times)

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Offline JohnsonTopic starter

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#What are the effect on Bitcoin & Stock Trading by Coronavirus
« on: February 27, 2020, 01:18:35 PM »


             

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According to the experts, the volumes of on-chain and exchange transactions with BTC are declining. Analysts are not unanimous as for the reasons why BTC is falling and have several explanations:




Coronavirus



Some analysts attribute the situation to the coronavirus epidemic: the crypto market was also affected by the general decline in economic activity due to the spread of the disease.



Futures contracts expiration

Others think the pressure on the market is connected to the upcoming expiration of three-month futures contracts on CME, which opened at $ 7400. The expiration will be held on Friday, February 28.




Technicals

There is one more reason which is rather technical: after the spike, assets usually tend to correction. Current support levels are at $ 9100 and $ 8300. Yesterday we saw a "double bottom" pattern, which may be a sign a reversal of a long downtrend, after which the initiative will go to the bulls.

Answering your second question, I would rather refer to the trading basics: it is quite unwise to sell low. So, in this case, the only possible option will be to hold. At least for a while if you don't follow long-term holding strategy.

Though Bitcoin is likely to bounce and continue its growth, don't forget about stop losses, since crypto is still too volatile to risk much.



 

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