Bitcoin is about to drop - Analysis for April 22,2019

Investment banking giant JPMorgan Chase is planning to expand an existing blockchain project to include settlement features as it seeks to fend off competition from payments upstarts such as TransferWise and Ripple. We got some positive vibes from institutions about cryptos but the price action still suggest indecision.

Technical picture:

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According to the H4 time-frame, we found that that BTC is trading inside of the defined upward channel, which may be potential distribution channel for further lower prices. Anyway, we must be ready for both scenarios. Even we give more chances to the downside you can watch for upside in case that BTC breaks the resistance at $5.450. We give more chances to the down break of the channel and potential testing of $5.013 and $4.650.

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On the Futures market we found that after the strong push higher in the background and climatic action, there is the decreasing in the volume on the upside, which is sign that there is no big interest on the upside so selling may be a good option going further. Pay attention on the supports at $4.646 and $4.130, since these levels may be a very good levels to scale out our potential sell positions.

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

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