Bitcoin Trend Series / EP. 770 / 22 Feb. 2019
Recapitulation
Finally, Bitcoin lefts the correction zone, and starts to show sideways trading recently, and continues to fluctuate around the key level 3.92K.
MACD indicator has formed the bearish divergence with the price that signals a potential reversal as well. To confirm the uptrend the pair needs to overcome 4.2K level.
Market Factors
Mati Greenspan, the senior market analyst at eToro, spoke about Bitcoin and the important role trading volume is currently playing in BTC’s price action in a recent email, noting that trading volume on the aggregated markets has tapered off slightly over the past couple of days.
United States banking giant JPMorgan Chase (JPM) is launching its own cryptocurrency in a U.S. banking first, CNBC reported on Feb. 14. JPM Coin will initially focus on international settlements by major corporations, helping speed up transactions that currently take a day or longer using extant options such as SWIFT.
Technical
The trend is bullish, supported by EMA50 and Stochastic, that provide positive signals to reinforce the chances of resuming the bullish move.
Breaking 3.81K level and holding below it will stop the expected bullish move.
Sentiment
Support : 3810.000 level.
Resistance :4200.000 level.
Expected trading for today:
is between 3700.00 and 4380.00.
Expected trend for today :
Bullish.
Bullish lets see hopefully it will break some major resistances
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