BITCOIN Analysis for March 1, 2018

Bitcoin's volatility increases every day with indecision and corrective momentum while the price is hovering below $4,000 with a daily close. According to On Balance Volume, it is significantly below 0.0 area indicating less volume to have the market into definite trend momentum.

The price is currently trading inside a Bullish Indecisive bar while forming a few inside bars along the way. As of current price formation, BTC is expected to dip a bit lower towards the Kumo Cloud support before even showing any signs of bullish pressure. As the price remains above $3,500-600, the extensive bullish pressure and momentum of breaking above $4,000 will be intact. A break above $4,000 is expected to lead to further bullish momentum with a target towards $4,250 and later towards $4,500.

SUPPORT: 3,500, 3,600

RESISTANCE: 4,000, 4,250

BIAS: BULLISH

MOMENTUM: VOLATILE

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

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