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13.02.201913:20 Forex Analysis & Reviews: BITCOIN Analysis for February 13, 2019

Long-term review

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Bitcoin recently formed a Descending Triangle pattern while residing and correcting above $3,600 with a daily close. The price rejected off the triangle resistance for a several times. The price has skewed quite tightly and a breakout above is expected to lead the price higher towards $4,000 resistance area in the coming days. The volume at the current corrective period is very low while a break above the triangle resistance is expected to lead to impulsive bullish pressure in the overall bias. As the price remains above $3,500-600 with a daily close, the bullish pressure is expected to push the price higher an impulsive momentum.

SUPPORT: 3,500, 3,600

RESISTANCE: 4,000, 4,250

BIAS: BEARISH

MOMENTUM: VOLATILE

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