Bitcoin analysis for February 19, 2019

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BTC has been trading upwards. We found strong momentum on the upside and no signs of reversal, which is a sign that buyers are in control. The key resistance levels are seen at the price of $4.0645 and $4.200 (the key supply zone). The potential breakout of these supply zones would confirm a potential test of $4.483 (Fibonacci expansion 100%). The key support is set at the price of $3.750.

Trading recommendation: Bullish momentum on the gold. We are neutral on BTC since the price is close to the key resistance zone. Anyway, the momentum is bullish and you should watch only buying opportunities.

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