Market Update

20190222_Market_Update_Twitter.png

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 4 Hour 220219.JPG

Our Forecast

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

Oscillators: Buy

Support 1:               $3,906

Support 2:               $3,862

Resistance 1:                $4,038

Resistance 2:          $4,136





The information contained on this web site is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.