BTC analysis for May 20, 2020 – Watch for the breakout fo the upward channel and symmetrical triangle to confirm downside

By | May 20, 2020
InstaForex
BTC analysis for May 20, 2020 - Watch for the breakout fo the upward channel and symmetrical triangle to confirm downside

Relevance up to 07:00 2020-05-22 UTC–5

News:

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As such, the difficulty of mining is set to self-adjust every 2016 blocks -basically every two weeks- in order to maintain a steady block interval. For instance, if it took more than two weeks to mine the previous 2016 blocks, the difficulty decreases. If it took less, mining difficulty is increased.

On May 20, the difficulty decreased by 6% to 15.14T. According to Glassnode, this decrease was expected and is consistent with the recent drop in hashrate after the halving.

Technical analysis:

Trading recommendation:

Watch for selling opportunities if you see the breakout of the symmetrical triangle and upward channel.

The downward targets are set at the price of $9,085 and $8,150.

Main resistance is set at the price of $10,000

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Petar Jacimovic,
Analytical expert
InstaForex Group © 2007-2020

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