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Crypto Industry News:
The president of the Swiss Crypto Valley Association (CVA) said the coronavirus pandemic had a serious impact on the local cryptocurrency ecosystem.
A recent report states that representatives of nearly 80% of crypto valley companies have said they are likely to go bankrupt in the next six months. The information was based on a smaller sample, but it certainly reflects market sentiment.
The report - based on the replies of 203 company representatives - also claims that 88.2% of companies will not be able to survive a pandemic without government assistance. In addition, 56.9% already had to dismiss employees, and 90.7% expect this in the future. Haudenschild expects the coronavirus to have far-reaching implications for the local cryptographic ecosystem. The effect will be that companies will have to find a way to survive. Given that many of them have just emerged from the effects of a long crypto winter, this double blow will be difficult for them. The second effect will be that everyone will be forced to switch to digital technology.
To help companies in the crypto valley, the CVA is able to provide companies with information on how to get help - financially or otherwise. Unfortunately, the report also notes that 68.3% of cryptocurrency startups that have applied for a Covid-19 loan have not received such a loan. Haudenschild pointed out that most of the effort must be made by companies that themselves have to devise a new course of action.
Technical Market Outlook:
The BTC/USD pair has made a high at the level of $7,247 during the weekend, but Doji candlestick pattern has been made at the top of the move. The bears have managed to push the price lower towards the middle of the last wave up and the Bitcoin rate has stayed inside of the range during all the weekend. The momentum is decreasing, but is still pretty much positive, so the bulls might try to attack the last high again soon. Please watch the level of nearest technical support located at $6,908 to invalidate the bullish scenario.
Weekly Pivot Points:
WR3 - $8,288
WR2 - $7,759
WR1 - $7,459
Weekly Pivot - $6,596
WS1 - $6,675
WS2 - $6,137
WS3 - $5,855
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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