Bitcoin analysis for March 26, 2019

BTC has been trading downwards as we expected. The price tested the level of $3.847 and reached our both downward targets.

According to the h1 time – frame, we found the excess (pin bar, aggressive buyers) after the sell off in the background, which is sign that we got some swap from selling to buying power. Most recently, there is the breakout of the intraday bullish flag pattern, which is sign that upward movement may resume. Support levels are seen at $3.911, $3.936 and $3.975. Key support is set at the price of $3.847.

Trading recommendation: We reached both yesterday's downward targets and we started to buy BTC from $3.900 with targets at $3.936 and $3.975. Protective stop is placed at $3.845.

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

BITCOIN Analysis for March 26, 2019

Bitcoin sank below the Triangle pattern in the support area with a daily close recently which pushed the price down to the edge of $3,880 support area. Despite the formation of the descending Triangle pattern, a sudden breakout below support was a surprise for the bulls. Meanwhile, the price is currently being propelled higher away from the strong support area of $3,800-80.

The price managed to reject off the support area quite well but could not establish impulsive counter-momentum to break above the dynamic level of 20 EMA. Moreover, MACD is showing a bullish crossover currently that indicates vaguely further bullish momentum in the coming days. As the price remains below $3,950-$4,000, the bearish pressure is expected to push the price lower with a target towards $3,500-600 support area in the coming days. On the contrary, a break above $4,000 with a daily close will encourage further bullish pressure with an upward target towards $4,500.

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

RESISTANCE: 3,950, 4,000, 4,250, 4,500

BIAS: BEARISH

MOMENTUM: VOLATILE

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