Bitcoin analysis for March 20, 2019

Bitcoin has been trading sideways at the price of $3.987. Our view from yesterday is still valid.

BTC 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 20, 2019

Bitcoin is trading above $4,000 with a daily close despite the recent false breakout below that level. This price move indicates that the bulls are still quite in control. Further bullish momentum with a target towards $4,250 and later towards $4,500 is expected in the coming days.

According to recent analysis of BTC retail traders, 79.2% are bulls and expect the price to push higher. So, the ratio of bulls to bears is 3.8:1. According to the Bitcoin market positioning cycle, the bullish bias has a higher probability to extend higher at least towards $6,000. Besides, a break above $6,500 is expected to reinforce bullish momentum in the future. As the price remains above $3,800-4,000 with a daily close, the bullish bias is expected to continue further.

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

RESISTANCE: 4,250, 4,500, 5,000

BIAS: BULLISH

MOMENTUM: VOLATILE

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