Market Update


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

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