Bitcoin analysis for February 07, 2019 - ConsultFX

Bitcoin analysis for February 07, 2019


Bitcoin is trading downwards and the price tested the level of $3.370 as we expected. Anyway, most recently, we found a strong rejection from the median line at the price of $3.370, which may be indication of potential change in trend dynamic from bearish to bullish. It is too early to confirm the change in trend since the price is still trading inside of the downward channel and below the upper (resistance) trendline (white).

Scenario 1:

The Bitcoin may reject from the key short-term support at $3.440 and go down to revisit the low at $3.370. if this happens, watch for sell on the rejection of the resistance with target at $3.370.

Scenario 2:

Bitcoin is going to break the resistance line at $3.450 and confirm the re-test of key short-term resistance at $3.542. If you see a break of the $3.450, watch for long positions with target at $3.542.

The material has been provided by InstaForex Company -