Bitcoin analysis for March 22, 2019

BTC went fast lower and tested the level of $3.862 yesterday and today we got upward correction.

According to the H1 time – frame, the analysis from yesterday is still valid and we still expect downside. The is the down break of the upward trendline in the background, which is sign that aggressive sellers did enter the market. Key support levels are seen at the price of $3.864, $3.766 and $3.633. Key resistance is still set at the price of $4.170.

Trading recommendation: We are short on BTC with the major take profit at $3.633 and protective stop at $4.060.

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

BITCOIN Analysis for March 22, 2019

Bitcoin's volatility strikes again under impulsive bearish pressure taking the price below $4,000 with a daily close. The price turned the bias upside down wiping out bulls out of the way. At present, the price is trading at the edge of $4,000 again under bearish pressure.

Bitcoin failed to sustain the non-volatile bullish momentum it was creating along the way, being carried by the dynamic level of 20 EMA. The price fell below $4,000 with a 1-hour impulsive bearish candle which engulfed the previous bullish progression of last few days. Currently the price is again holding at the edge of $4,000 but with certain bearish momentum which is expected to trigger a correctional decline before pushing higher above $4,000 in the coming days. As the price remains above $3,800-80 support area, the impulsive bullish pressure with an expectation to push above $4,000 will be unchanged.

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

RESISTANCE: 4,000, 4,250

BIAS: BULLISH

MOMENTUM: VOLATILE

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