BITCOIN Analysis for March 13, 2019

Bitcoin has been quite volatile at the edge of $3,880 which is currently being held by the dynamic level of 20 EMA.

Despite the fact that the price has been corrective and indecisive, the overall momentum is bullish creating higher highsand higher lows. The rejection off the dynamic level has been obvious. Besides, certain engulfing and indecisive momentum have been observed while the price was moving up The price formation is still quite bullish which is quite surprising after an impulsive bearish engulfing earlier. According to the Elliott Wave analysis, currently the price is completing the 4th wave and heading towards 5th wave. The price is expected to extend a rally above $4,250 or higher in the process. As the price remains above $3,500, it will open the way to the bullish bias in the medium term.

SUPPORT: 3,500, 3,600, 3,800

RESISTANCE: 4,000, 4,250, 4,500

BIAS: BULLISH

MOMENTUM: VOLATILE

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

Bitcoin analysis for March 13, 2019

BTC has been trading sideways at the price of $3.836 but with the successful rejection of the key resistance at the price of $3.870, which is a sign that buying looks risky.

Our analysis from yesterday is still active. According to the H4 time frame, we found that there is a potential end of the upward correction (complex zig-zag), which is a sign that the downward movement is expected to follow. Most recently, there has been a breakout of the upward channel, bearish divergence on the stochastic oscillator and testing of 20 EMA which is a sign that sellers took control from buyers. Support levels are seen at $3.637 and $3.524. The key resistance level is seen at $3.925.

Trading recommendation: We are bearish on BTC from $3.840 with targets at $3.637 and $3.524. Protective stop is placed at $3.925.

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