BITCOIN Analysis for February 5, 2019

Bitcoin jumped higher into the Kumo Cloud resistance while being held by the dynamic levels like 20 EMA, Tenkan, and Kijun lines as support. The price is currently climbing higher off the dynamic level of support after 2 consecutive bearish bars. As the price is being held by the dynamic support levels, it is expected to advance higher towards the trend line resistance, from where after rejecting the buyers, BTC is expected to extend the upward bias in the coming days. On the contrary, a daily close above 200 EMA as well as $3,500 area is expected to lead to further bullish momentum. As a result, the price could rise higher towards $3,600 and later towards $4,000 area in the future.

SUPPORT: 3,000, 3,250

RESISTANCE: 3,500, 3,600, 4,000

BIAS: BEARISH

MOMENTUM: VOLATILE

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