BITCOIN Analysis for February 27, 2019

After a sharp drop below $4,000, Bitcoin is currently consolidating above $3,800 while being contained inside the dynamic support area of Kumo cloud.

MACD is currently forming a bullish cross over while the price is making the upward correction. After the impulsive bearish pressure recently, the price formed Bullish Extreme Divergence which is expected to lead the price at least towards $4,000 in the coming days. A daily close above $4,000 is expected to lead to further bullish pressure as it will break above the dynamic resistance of Kijun line as well.

On the contrary, a break below $3,800 area with a daily close is expected to lead the price towards $3,500-600 support area in the future.

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The material has been provided by InstaForex Company - www.instaforex.com

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