Bitcoin analysis for March 21, 2019

BTC has been trading upward but on the very slow paste, which is potential warning for the future upside.

According to the H4 time – frame, we found that that there is potential for a change in the trend direction from bullish to bearish. The resistance at the price of $4.020 is holding that we expect potential downward movement. We might see potential fifth wolf's wave to complete the bearish pattern and that would signal downside. The projection for the potential drop is set at $3.633 and $3.500.

Trading recommendation: We are watching a potential breakout of the upward trendline to confirm further downside. The targets are set at the price of $3.633 and $3.500.

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

BITCOIN Analysis for March 21, 2019

Bitcoin managed to climb higher after a wider correction after breaking above the $4,000 area with a daily close recently. The price is currently trading above $4,050. The climb is expected to be interrupted by a bearish move before the price resumes the bullish trend in the coming days.

Bitcoin ETF is being reviewed by the US Securities and Exchange Commission. The investigation might lead to certain negative comments. As a result, BTC could lose momentum. Though being above $4,000 indicates heavy bullish pressure, the price could make certain corrections and a deeper retracement along the way.

The price is being carried by the dynamic levels since it bounced off the Kumo Cloud dynamic support area recently. Such a price move is expected to encourage further bullish momentum with a target towards $4,250 and later towards $4,500 in the future.

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