FX.co ★ BITCOIN Analysis for February 8, 2019

The crypto market has been struggling for gains. Bitcoin being the flagship of the whole market of cryptocurrencies is struggling below $3500 area. According to Binance CEO, to make the crypto industry grow ETF's cannot be the core.

Recently Bitcoin mining has become more decentralized and diversified which may determine the upcoming momentum of the most popular crypto currency in the coming days. As for the technical view, the price pushed higher impulsively after breaking above the Trend Line resistance above $3,400. The price is expected to extend a rally higher towards $3,500 and later towards $3,600 in the coming days. The dynamic level of 20 EMA is also being broken above by the current price formation which also signals the strength of the bulls at the moment. As the price remains above $3,360 with a daily close, the bullish pressure is expected to continue.

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

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

BIAS: BEARISH

MOMENTUM: VOLATILE