FX.co ★ BITCOIN Analysis for February 7, 2019

Bitcoin recently dropped below $3,400 and formed a double bottom pattern at $3,360 price area. When the price was trading lower and correcting itself between the price range of $3,360 to $3,500, it formed a Bullish Divergence which is expected to lead to certain bullish pressure in the coming days. The price is currently trading at the edge of breaking above the Trend Line resistance from where it is expected to push higher towards $3,500 and later towards $3,600. Though the ultimate bullish target at the current price formation is at $4,000, but as the market is volatile and without strong bullish pressure, a good amount of time will be needed to reach such higher resistance at a current market pace. As the price remains above $3,000 area with a daily close, further bullish pressure is expected.

SUPPORT: 3,000, 3,250, 3,360

RESISTANCE: 3,500, 3,600, 4,000

BIAS: BEARISH

MOMENTUM: VOLATILE