Bitcoin analysis for March 18, 2019

Bitcoin has been trading sideways at the price of $3.956. Our first target is reached at $3.929, and we expect the second target to be hit as well.

BTC is in consolidation phase (potential bullish flag pattern), and we anticipate the upward trend to continue. Stochastic oscillator is ready for an upswing. This is a good sign of an ongoing trend. Short-term resistance is seen at the price of $4.020 and $4.170. Key intraday support is seen at the price of $3.928.

Trading recommendation: We are bullish on BTC from 3.870, and we plan to add new position on the breakout of $4.000. Stop loss order is to be placed at $3.770, and take profit order is to be set at $4.170.

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

BITCOIN Analysis for March 18, 2019

Bitcoin has recently managed to close above the $4,000 price area with a daily close which is currently consolidating and correcting itself at the edge of the $4,000 area after a certain retrace along the way.

The price is currently being held by the dynamic support area of Kumo Cloud, while also being carried by the dynamic levels such as the 20 EMA line, Tenkan, and Kijun. Though the price is progressing with an impulsive to flat wave progression, it is expected to push higher towards $4,250 with an impulsive bullish momentum after the price corrects itself further at the current position. As the price remains above the $3,800-80 area with a daily close, further bullish pressure is expected.

SUPPORT: 3,500-600, 3,800-80, 4,000

RESISTANCE: 4,250, 4,500

BIAS: BULLISH

MOMENTUM: VOLATILE

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