BITCOIN Analysis for March 22, 2019

Bitcoin's volatility strikes again under impulsive bearish pressure taking the price below $4,000 with a daily close. The price turned the bias upside down wiping out bulls out of the way. At present, the price is trading at the edge of $4,000 again under bearish pressure.

Bitcoin failed to sustain the non-volatile bullish momentum it was creating along the way, being carried by the dynamic level of 20 EMA. The price fell below $4,000 with a 1-hour impulsive bearish candle which engulfed the previous bullish progression of last few days. Currently the price is again holding at the edge of $4,000 but with certain bearish momentum which is expected to trigger a correctional decline before pushing higher above $4,000 in the coming days. As the price remains above $3,800-80 support area, the impulsive bullish pressure with an expectation to push above $4,000 will be unchanged.

SUPPORT: 3,500-600, 3,800-80

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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