Bitcoin analysis for March 27, 2019

BTC has been trading upward as we expected. All our upward targets were met. Potential overbought condition incoming.

According to the H1 time – frame, we found that all 3 upward targets were met at $3.911, $3.936 and $3.975. Anyway, currently I see that there is 4-hour balance and bearish divergence on the Stochastic oscillator. We expect potential pullback in the next period. Support levels are seen at $3.967 and $3.951. Key resistance is seen at the price of $4.049.

Trading recommendation: We exited from our Long position on BTC with 3 targets reached. We are neutral now on the BTC but there is a potential for downside and potential testing of $3.967 and $3.951.

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BITCOIN Analysis for March 27, 2019

Bitcoin has been full of surprises for market participants as the price rose above $4,000 again after a drop towards $3,800-80 support amid impulsive bearish pressure. The bullish momentum was quite impulsive today because it took a short time for BTC to assert its strength amid the impulsive bearish pressure.

The price is currently trading at the edge of $4,000. However, a break to follow could push the price a bit lower towards $3,950 as a retracement. Afterwards, the price is likely to climb higher again with a target towards $4,250 and later towards $4,500. There is a high probability of a further retracement as the dynamic level is quite far from the current price area that is expected to attract the price towards it. As the price remains above $3,800-80 support area with a daily close, BTC is going to trade under the impulsive bullish momentum.

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

RESISTANCE: 4,250, 4,500

BIAS: BULLISH

MOMENTUM: VOLATILE

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