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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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Bitcoin analysis for May 03, 2019

Strong bullish momentum on the Bitcoin. The price hit the level of $6.030. A new study reveals surging investments in cryptocurrencies by institutional investors, with almost half of them viewing crypto assets as having a place in their portfolios. "Institutional investors are overwhelmingly favorable about the appealing characteristics of digital assets," Fidelity Investments described. This is positive sign for BTC and it did bring more confidences to investors.

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Technical picture:

Purple horizontal rectangle – resistance cluster

Orange median line – Pitchfork median line (mean)/resistance

Upper rising green line – Diagonal resistance

Strong bullish movement on the BTC today and price finally managed to test key resistance at $6.040. Our view is that buying looks extremely risky cause of multiply resistance levels around $6.031-$6.400. Anyway, the demand is still strong and you should watch for potential bearish divergence on lower frames to confirm potential downward correction. Down references are seen at $5.658 and $5.338.

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