07.03.201918:07 Forex Analysis & Reviews: BITCOIN Analysis for March 7, 2019

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Bitcoin has been struggling above $3,800 after the impulsive breakout which is expected to retrace a bit lower before climbing higher above $4,000 in the coming days.

The price is being held by the dynamic levels like 20 EMA, Tenkan and Kijun line as support while Kumo Cloud area is widening as strong barrier for sell pressure. The Chikou Span is still trading above the trendline which also indicates further bullish momentum. As the price breaks above $4,000 with a daily close, further bullish momentum will go on with a target towards $4250 and later towards $4500 area in the future. As the bullish bias is still strong in the solid support area, the upward pressure is expected to continue further.

SUPPORT: 3,500, 3,600, 3,800

RESISTANCE: 4,000, 4,250, 4,500

BIAS: BULLISH

MOMENTUM: NON-VOLATILE

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade