For Traders

Analytical Reviews

Crypto-currencies

16.04.201913:56 Forex Analysis & Reviews: Bitcoin analysis for April 16, 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.

BTC has been trading downwards. The price tested the level of $4.936. We are still expecting more downside in the next period

BTC did fake breakout of the major resistance at the price of $5.330, which did set the done for the future decline. Most recently, there is the breakout of the bearish flag pattern (red line channel), which is sign that sellers are ready for the next downward movement. The key support is seen at the price of $4.640 (first pullback low after the climatic action in the background). In case that you see the breakout of the $4.640, next downward target will be set at $4.121.

Trading recommendation: We are still short on the BTC from $5.130 with the targets at $4.660 and $4.121. Protective stop is placed at $5.460.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade