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06.02.201912:50 Forex Analysis & Reviews: Bitcoin analysis for February 06, 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.

Exchange Rates 06.02.2019 analysis

Bitcoin is trading downwards and the price tested the level of $3.398. I have found a breakout of the bearish flag pattern, which exactly what I expected to happen. The breakout confirmed the downward continuation and the down trend resumed. Pay attention to the level $3.387, since it is the short-term support. The level of $3.484 is current resistance.

Trading recommendation: We are bearish on BTC from $3.440. Profit is set at $3.168 and protective stop at $3.490.

Petar Jacimovic
Analytical expert of InstaForex
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