Bitcoin sellers still have some work to do

Bitcoin Still Facing Indicators as it Tries to Push Lower

Posted Tuesday, February 26, 2019 by
Skerdian Meta • 1 min read

BITCOIN failed to break the resistance zone around the $4,000 level last week after it made another push higher at the beginning of that week. It traded around that level for all of last week but it couldn’t break above, so the reversal came during the weekend. If something can’t go up, it will eventually go down, right?

Yesterday, the market opened with a bearish gap worth $200 although that gap shouldn’t be on the charts since the crypto market remains open 24/7. But my broker closes shop on weekends, and that’s why the gap appears on my chart. So here we are now, trading around the $3,700 level.

This used to be resistance in the last two months and it seems that it has now turned into support for Bitcoin. But besides that support area, we also have the 50 SMA (yellow) which is providing support in the H4 time-frame. That moving average has been pushing higher but the price is slipping below it now, so it will likely be broken soon.

Although, the support at $3,700 still remains and the 100 SMA (red) is approaching. This means that the sellers will have to do some work in order to break below these two indicators if they want to remain in charge. We are already short on Bitcoin from below the 100 SMA, so we support the bears’ cause.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
0 0 vote
Article Rating
Notify of
Inline Feedbacks
View all comments