BITCOIN Analysis for February 28, 2019

Bitcoin has been quite volatile after a recent bullish false breakout above $4,000. The price created a few inside bars where the third inside bar tried to push below the mother bar but failed with a Bullish Pin Bar daily candle bouncing off the Kumo Cloud support. The price is currently being held by the dynamic level of 20 EMA and Kijun line as support that is expected to lead the price towards $4,000 or even higher in the future.

The bullish bias is still quite intact but certain indecision rose in the market after the impulsive bearish pressure making the recent breakout as false above $4,000. Currently the price being above the Kumo cloud signals further upward momentum as Chikou Span is also holding above the dynamic levels and price line. As the price remains above $3,500-600 support area, the bullish pressure is expected to continue.

SUPPORT: 3,500, 3,600

RESISTANCE: 4,000, 4,250




The material has been provided by InstaForex Company -