Bitcoin Price Technical Analysis (BTC/USD) Sunday, February 3, 2019

During today trading session the Bitcoin price has remained with little movement, at this time the price reports a slight loss of -1.27% in the 4 hours chart.

The trading volume is very low, so investing at this moment through a trading instrument is quite risky. There is no doubt that, the market continues for the most part dominated by bears, this could be even longer since, many of the fundamentals are currently not positive.

Key Highlights

  • BTC ETFs still in uncertainty
  • Many crypto projects are bankrupt
  • Investor confidence has decreased too much

Analyzing the chart of the BTC/USD pair in 4-hour time, we can observe the lateralized movement of BTC. A movement that provokes an alert not to enter long positions since the market is extremely lateralized.

Bitcoin has not managed to break the resistance in the $ 3,500 since its last sharp fall. On the other hand we maintain the main support at $$ 3379. EMA 9/26 moving averages are lateralized with a strong possibility of continuing downwards.

Watching the movement of market volume, we can see a downward line. This makes us see how many investors have taken advantage of the slight increases in BTC to make a profit taking, due to positions they had open or because they know that the price will be returned, thus preventing BTC from taking strength to rise.

BTC/USD time frame 4 hours

Technical indicators

  • Moving Averages EMA 9/26
  • RSI (relative strength index) 48%
  • Support $3379
  • Resistance $3500

 

Disclaimer
This analysis should be used as an information medium; it does not pretend to be an investment advice. Investing in cryptocurrencies is highly risky; avoid investing the money that you cannot afford to lose.