empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

16.04.201907:38 Forex Analysis & Reviews: Technical analysis of BTC/USD for 16/04/2019

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.

Technical Market Overview:

The BTC/USD pair has made a top for the wave b at the level of $5, 181 and after the Bearish Engulfing candlestick pattern occurred at the H4 timeframe chart, the market reversed suddenly and moved down towards the technical support at the level of $4,928. The support has not been hit, but it looks like a matter of time for the bears to test this level and move even deeper towards the level of $4,795. Please notice, there is still one more wave to the downside missing, the wave (c) and only after this wave is completed, the uptrend should resume.

Weekly Pivot Points:

WR3 - $5,898

WR2 - $5,642

WR1 - $5,340

Weekly Pivot - $5,108

WS1 - $4,789

WS2 - $4,547

WS3 - $4,228

Trading Recommendations:

The best trading strategy for this market for daytraders is to trade with the longer-timeframe trend, which is now uptrend. The best level for opening the buy orders is around the level of $4,800. This point of view is valid as long as the technical support at the level of $4,795 is broken.

Exchange Rates 16.04.2019 analysis

Sebastian Seliga
Analytical expert of InstaForex
© 2007-2024

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



You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off