Bitcoin analysis for February 01, 2019 - ConsultFX

Bitcoin analysis for February 01, 2019


Bitcoin has been trading sideways at around $3,411. Our bearish view from yesterday is still active. Since the key support cluster at $3,420 is broken and was successfully retested, we expect downward continuation. I also found a successful breakout of the most recent mini upward Pitchfork channel, which is another sign of underlying weakness. Short-term resistance is set at the price of $3,452 and short-term support at $3,324.

R1: $3.457

R2: $3.504

R3: $3.535

Pivot: $3.425

S1: $3.378

S2: $3.347

S3: $3.300

Trading recommendation: We are still short BTC/USD from $3,392 and with the target at $3,107. Protective stop is placed at the price of $3,550

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