Bitcoin analysis for March 06, 2019

BTC has been trading upwards. The price tested the level of $3.873.

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According to the H1 time – frame, we found that there is a potential end of the complex upward correction WXZ at the price of $3.870. Also, there is multi resistance around $3.870 (yellow rectangle), which is a sign that buying at this stage looks risky. We also found hidden bearish divergence on the Stochastic oscillator, which is another sign of weakness. The key support is seen at the price of $3.635.

Trading recommendation: We are bearish on BTC from $3.823 with the target at $3.636.

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

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