Bitcoin Trend Series / EP. 766 / 12 Feb. 2019
Recapitulation
- Bitcoin price price keeps stability below the bearish channel’s resistance and most likely the price will continue to decline towards 3.5K , followed by 3.106K.
Market Factors
Ex-hedge fund manager and CEO of Galaxy Digital, Michael Novogratz said in a tweet that he was surprised why the big macro funds did not invest one percent of their money in Bitcoin. If prices stabilize and there is clarity in regulations, we might see a few big funds make an entry into cryptocurrencies.
New York-based research company Fundstrat Global Advisors expects crypto prices to recover by the end of this year. They anticipate incremental improvements to boost prices.
Technical
The trend is bearish, noting that surpassing 3.5K will confirm the continuation of the bearish wave towards 3.106K.
Breaching 3.65K will stop the expected bearish move to start new recovery attempts that towards 3.92K.
Sentiment
Support : 3106.000 level.
Resistance :3700.000 level.
Expected trading for today:
is between 3106.00 and 3700.00.
Expected trend for today :
Bearish.
