Bitcoin analysis for March 29, 2019

We found the upside breakout of the well-defined trading range in the background, which is sign that buyers are in control. The short-term trend is bullish and the Keltner channel is going upwards, which are all signs of the strength. Resistance levels are found at $4.158 and $4.270. Support level is found at the price of $4.020.

Trading recommendation: We are long BTC from $4.070 with target at 4.158. Protective stop is placed at $3.983.

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

BITCOIN Analysis for March 29, 2019

Bitcoin managed to sustain the bullish momentum above $4,000. The level has been recently retested. The price is going on with a rally. The price is currently trading above $4,100. BTC is likely to extend its climb towards $4,250 and later towards $4,500 area in the coming days.

The price is currently being supported by the dynamic level of 20 EMA, Tenkan, Kijun, and Kumo Cloud. Such support is expected to carry the price further upward. The price formation currently is breaking above the corrective volatile range. On the other hand, breaking above $4,250 will help the price to get impulsive momentum, so the price could extend a rally towards $4,500 and later towards $5,000 in the short term as there is no obstacle which could put pressure on bullish momentum. As the price remains above $4,000, the price will acculumate the impulsive bullish pressure.

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