Bitcoin analysis for March 12, 2019

BTC has been trading sideways at the price of $3.847 but with the successful rejection of the key resistance at the price of $3.870, which is a sign that buying looks risky.

According to the H4 time frame, we found that there is a potential end of the upward correction (complex zig-zag), which is a sign that the downward movement is expected in the next period. Most recently, there has been a breakout of the upward channel and the bearish divergence on the stochastic oscillator, which is a sign that sellers took control from buyers. Besides, the test of the 20 EMA (resistance) is going on. This is a sign that buying looks risky. Support levels are seen at $3.637 and $3.524. The key resistance level is seen at $3.925.

Trading recommendation: We are bearish on BTC from $3.840 with targets at $3.637 and $3.524. Protective stop is placed at $3.925.

The material has been provided by InstaForex Company - www.instaforex.com

BITCOIN Analysis for March 12, 2019

Bitcoin has been extremely volatile since the bounce off the $4,000 area with a daily close. The price recently managed to gain momentum amid bullish pressure which broke above the $3,880 event level with a retest.

The break below $3,880 is currently viewed as a false break whereas the bullish momentum above is expected to be quite strong pushing higher towards $4,000. The bulls are still quite active in Bitcoin, so impulsive bullish pressure with strong rejection can be observed above $3,000. The dynamic level of 20 EMA is currently residing below the current price in this volatile range which is expected to lead to an advance towards $4,000 in the future. As the price remains above $3,500-600 support area with a daily close, the bullish bias is expected to continue.

SUPPORT: 3,500, 3,600, 3,800-80

RESISTANCE: 4,000, 4,250

BIAS: BULLISH

MOMENTUM: VOLATILE

The material has been provided by InstaForex Company - www.instaforex.com