TECHNICALFX

BTC/USD Market Analysis 24/3/2019

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Here we are looking at BTC where above you can see the Daily and 4 Hour timeframes above, we can see that from the daily timeframe (left) price overall has been showing a rise. Since early Feb price has risen from 3350.00 to the area of 4000.00. We have placed an ascending trend line on the ascending move and therefore is we was to see a breakout to the downside this would highlight possible downside movement.

On the 4 Hour timeframe (right) we can see that price over the last week or so has been stuck within the ranging area of 4038 (resistance) and 3940 (support). If we see a break to the upside with price breaking the 4038 resistance then we will look for price to head back to the area of 4190 which price spiked in late February. On the other hand if price as to break the support of 3940 then we would look for price to head back to the area of 3835.