FX.co ★ Bitcoin analysis for February 05, 2019

The Bitcoin is trading sideways at the price of $3.471 on a light volume.

White lines - bearish flag in creation

Most recently, I have found that a fake breakout of the resistance ($3.535) and hidden bearish divergence on the MACD oscillator, which is a sign of weakness in the background. Short-term resistance is set at the price of $3.545. For the downward continuation watch for a breakout of the short-term support at $3.440.

Trading recommendation: We will sell BTC on the breakout of support ($.3440). Profit target will be set at $3.388 and protective stop at $3.490.