BITCOIN Analysis for February 4, 2019

Bitcoin has been correcting itself between $3,400-3,500 for a few days in a row. The price is expected to sink much lower in the coming days. The price recently broke below the trend line support which has been also retested today as resistance while also being held by the dynamic levels like 20 EMA, Tenkan, and Kijun line, acting as resistance. Meanwhile, the price is expected to retest the trend line again where the Kumo cloud resistance is holding. As the price remains below $3,500, it is expected to fall deeper towards $3,000 in the coming days. On the contrary, a daily close above $3,500 will cancel the bearish bias and may lead to further upward movement.

SUPPORT: 3,000, 3,250

RESISTANCE: 3,500, 4,000

BIAS: BEARISH

MOMENTUM: VOLATILE

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