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12.02.201913:21 Forex Analysis & Reviews: Bitcoin analysis for February 12, 2019

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Bitcoin made a successful breakout of the symmetrical triangle in the background, which is a sign that sellers took control from the buyers. As long as the price is trading below the supply trendline (white line), you should watch for selling opportunities. The key short-term support is set at the price of $3.593 (pullback low after the spike).

Trading recommendation: We are short on Bitcoin from $3.645. Targets are set at the price of $3.593 and $3.543. Protective stop is placed at $3.717.

Petar Jacimovic
Analytical expert of InstaForex
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