Bitcoin Price Technical Analysis (BTC/USD) Monday, February 4, 2019

Today trading session move while Bitcoin reports a loss of – 0.8% in the last 4 hours. Since the session on Friday the price has remained lateralized.

We can see how the fast moving average of 9 periods crosses the average of 26, which alerts us to a new pullback in the price which could go looking for immediate support in the $ 3379. From the fundamental side there has been no news that moves the market in the last hours.

Key Highlights

  • Bitcoin lateralized at $ 3400
  • The market dawns without force
  • No impacting fundamentals

Analyzing the BTC/USD chart in 4 hours, we can see a bearish cross of EMA 9/26 moving averages; however, the crossing has been quite weak, so even a short trade would not be recommended at this time.

Bitcoin continues to respect the main support at $ 3379, keeping the price slightly stable. Although if we analyze the graph in longer periods we can confirm the hole in which BTC seems to go deeper each month away from the $ 20K reached at the end of 2017.

At this time I would not recommend entering the BTC operation since the market is extremely complicated, the volume is low and there have been no fundamentals that at least move the price momentarily.

BTC/USD Time Frame 4 hours

Technical indicators

  • Moving Averages EMA 9/26
  • RSI (Relative strength index) 45%
  • Support $ 3379
  • $ 3500 resistance

 

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.