Insights for the Asian Crypto trading session Friday 22/02/19
BTC/USD: Bitcoin unable to confidently break away from $4,000
ETH/USD: Pulls back from highs, failure to hold $140 could see sharp reversal
XRP/USD: Nursing losses of almost 4% for the session, vulnerable to downside
EOS/USD: Breaks yearly range block formation, explodes 25% higher
LTC/USD: Litecoin daily trading volume hits $1.6bio, higher than XRP
BTC/USD Technical Analysis: Bulls can not comfortably breakaway from the $4,000 price level
Bitcoin seen nursing minor losses overnight of 1.5%
BTC/USD bulls are struggling to break away from the $4,000 price area
Supply seen around $4,100 capping for now.
BTC/USD 4 Hourly chart
BTC/USD: Bitcoin has enjoyed a 12% rally over the past 4 days since breaking the bullish flag structure previously identified here on the Monday the 18th of Feb. As can be seen on the above 4 hourly chart the price has currently formed another bullish flag structure with support seen towards $3,900 and resistance at $4,050. Moving averages and oscillators on the 4 hourly chart are supportive of further price moves higher and price is trading above the 100 Day MA ($3,906) for the first time since November 2018 adding to the bullish support. As such we recommend buying any price weakness towards $3,900 with a take profit placed at $4,400 and stop loss at $3,650.
4 Hourly Technical Analysis Summary: Buy
Moving Averages: Buy
Support 1: $3,906
Support 2: $3,862
Resistance 1: $4,038
Resistance 2: $4,136
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