Bitcoin analysis for February 08, 2019

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Our second scenario from yesterday came into the play. Bitcoin did a successful breakout of the resistance at the price of $3.434 and the supply trendline (white line) in the background, which is a sign that buyers took control from sellers. Intraday support is set at the price of $3.425.

Trading recommendation: We are bullish on Bitcoin from $3.450 with the profit target at $3.541. Protective stop is placed at $3.390.

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