Bitcoin Price Technical analysis (BTC/USD) Wednesday, February 20, 2019

During midweek session Bitcoin has managed to hold the price above $ 3900, however, it still does not manage to break the resistance located in the $ 3950 which is highly important for a long entry.

2019 is a slightly better year than 2018, although the market has purged many projects, there are still those that really add value. Recently Elon Musk called Bitcoin “Something brilliant” which has a lot of impact coming from the founder of Space X.

Key Highlights

  • Bitcoin stays bullish
  • There is good optimism in the crypto market
  • Bitcoin with a high probability of reaching $ 4200

Analyzing the BTC/USD chart in 4 hours, we can see how EMA 9/26 moving averages are still distanced this allows us to have an idea that Bitcoin can go for the third impulse with a target in the $ 4200.

On the other hand the RSI leaves the area of ​​overbought so we can determine that the profit taking has not been strong, this indicates that there is a high probability that the market continues its rise as the bulls want to go for a better price.

As I mentioned in the last analysis, I think that a long entry is better BTC breaks the $ 3970 with a strong volume, this could allow a profit taking in the $ 4200.

BTC/USD Temporalidad 4 horas

Technical indicators

  • Moving Averages EMA 9/26
  • RSI (relative strength index) 73%
  • Support $ 3800
  • $ 4200 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.