Bitcoin analysis for February 12, 2019

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Bitcoin made a successful breakout of the symmetrical triangle in the background, which is a sign that sellers took control from the buyers. As long as the price is trading below the supply trendline (white line), you should watch for selling opportunities. The key short-term support is set at the price of $3.593 (pullback low after the spike).

Trading recommendation: We are short on Bitcoin from $3.645. Targets are set at the price of $3.593 and $3.543. Protective stop is placed at $3.717.

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