Bitcoin Price Technical Analysis (BTC/USD) Tuesday, February 5, 2019

During today’s session the price of Bitcoin continues in a lateralization area. Analyzing the 4 hour chart, we do not find any reason to enter any long session since the price does not show more movement and therefore there is a high probability that this session will be high risk.

Key Highlights

  • Bitcoin lateralized
  • There are no fundamentals that move the price
  • Low purchase volume

Analyzing the BTC/USD chart in 4 hours, we can appreciate the complexity of the market in this cryptocurrency to get an acceptable performance in the short term.

Although BTC is at a very cheap point of purchase, investors are not interested in buying and this is due to fear in the market, thinking of a new fall which could lead to BTC below $ 3000 which It has been very strong support.

The moving averages EMA 9/26 as well as the RSI are lateralized, really BTC needs a fundamental that helps to move the price upwards for longer periods.

Personally I will not open operations in lateralization area, BTC needs at least to exceed $ 3450 to take into account a possible entry.

BTC/USD Time Frame 4 Hours

Technical indicators

  • Moving Averages EMA 9/26
  • RSI (relative strength index) 47%
  • 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.