Bitcoin Bearish-Sideways Continues: Potential Falling Wedge Move

8 Feb 2019

Bitcoin (BTCUSD) Chart Analysis 1D TF:

Bitcoin (BTCUSD) continues trading within a very narrow range. The tendency continues to be bearish-sideways, with the potential of a bullish breakout (falling wedge). You can see the details drawn on the chart.

Conditions for change: If Bitcoin is to continue falling, you can expect support within the $3215 and $3280 range.

If this range holds as support, you can expect a bounce from here and a great place to go LONG.

If this support breaks, Bitcoin (BTCUSD) goes down and closes below $3215.2, then we can look for additional bearish action and a new analysis is needed.


Support and resistance levels:

• Immediate resistance sits at $3462.3.
  This is the first resistance that needs to be broken if Bitcoin wants to move up.
  
  
• Immediate support sits at $3405.3.
  This is the first support that needs to be broken if Bitcoin wants to continue moving down.
  

What's your take on Bitcoin's next move, bearish or bullish?

Please share your thoughts, questions and charts in the comments section below.

Thanks a lot for reading.

Remember to hit LIKE to show your support.

Namaste.

8 Feb 2019

Catatan

Solid move by BTC on the 4H TF. A close above $3490 in this time frame will signal really good strength:

- The volume is building up.
- Bullish MACD crossover.
- Bullish RSI.

8 Feb 2019

Catatan

Thanks mojtabaivi (in the comments for sharing).

Chart for Cryptocurrency Total Market Cap.:

- Falling wedge (bullish).
- RSI bullish divergence.

8 Feb 2019

Catatan

Immediate resistance is now sitting at $3505 (EMA10):

8 Feb 2019

Catatan

This is how the daily chart looks now, EMA50 is where BTC found resistance.



- This time there is no pullback and the volume is very good. I will post a new update.

Thanks a lot for the support.

8 Feb 2019

Catatan

Latest Bitcoin (BTCUSD) update:

Bitcoin Aims At $4350+ With Highest Volume Since Dec.