Bitcoin Price Technical Analysis (BTC/USD) Thursday, February 21, 2019

Thursday trading session has started while Bitcoin price remains above $3900; BTC has failed to successfully break the $3950 which was marked as entry point with a target at $ 4200.

We must be vigilant since BTC has shown that it tends to boost the price on weekends even when traditional markets are closed.

Key Highlights

  • Bitcoin stays above $ 3900
  • The optimism continues in the crypto market
  • Moving averages EMA 9/26 separated

Analyzing the BTC/USD chart in 4-hour time, we can observe the slight retrace experienced by BTC from $3944 to $3905. I think that this reversal (like impulse 2) has a high probability of going to $4200 in a third impulse.

Taking the moving averages EMA 9/26 and the RSI as reference, we can see how the bullish momentum is still standing. The growth reported by BTC in recent weeks has been constant and non-explosive, which provides greater stability in price increases.

In my case, if BTC breaks with a high volume the $3950 goes into long with a target at $ 4200. On the other hand, for HOLD I believe that we are continuing with a good point of purchase with a 2-year forecast.

BTC/USD Time Frame 1 Day

Technical indicators

  • Moving Averages EMA 9/26
  • RSI (Relative strength index) 65%
  • Support $ 3800
  • Resistance $ 4200

 

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.