Bitcoin analysis for March 19, 2019

Bitcoin has been trading upwards as we expected. The price tested the level of $3.999 Our first target has been reached at $3.929, and we expect the second target to be hit as well.

BTC just exited from 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 added new long 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 19, 2019

Bitcoin is trading at the edge of $4,000. The price has been quite volatile and corrective since it broke above it with an impulsive daily close earlier. The price is moving lower with strong bearish momentum currently. Tenkan and Kijun line cross indicates further bearish momentum in the coming days.

The price recently broke below the Kumo Cloud support area as it turned quite thin and weak to hold the price higher above $4,000. The Chikou span is also residing below the price line while being held by the Kumo Cloud support. Amid the lack of positive fundamentals recently, BTC depends entirely on market sentiment. Though the price broke above $4,000 with a daily close, a break below the area with a daily close will define the earlier break as false. So, the price is set to move impulsively lower in the coming days. If the price remains above $3,800-80 support area, BTC price will have a chance to climb higher again in the coming days.

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