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Analysis

Bitcoin Analysis -18.02.19

Last week, there was a brief consolidation of the $ 3,550 support of Bitcoin’s price versus the US dollar. The BTC / USD pair formed strong support close to the $ 3,550 level and later traded higher.

The price broke many resistances, including $ 3,580 and $ 3,600. This opened the doors for more profits, and the price even settled over $ 3,600 and the 100-hour simple sliding average. During the upswing, there was a break above the main bearish trend line with a resistance of $ 3,610 on the hourly chart of the BTC / USD pair.

The pair even cleared the resistance at $ 3,700 and traded at a new weekly high of $ 3,732. Later there was a downward adjustment below the $ 3,700. Sellers pushed the price under fiber at 23.6% of the last wave from $ 3,553 to $ 3,732. However, there is support close to the levels of $ 3,640 and $ 3,620. 

 

The main support is close to the level of $ 3,620 (the previous resistance). It also coincides with a fiber adjustment of 61.8% from the last wave of $ 3,553 to $ 3,732. Therefore, if there is a downward revision below $ 3,660, the price could find support close to the $ 3,640 and $ 3,620 levels. On the upside, the initial resistance is close to the level of $ 3,700, above which the price may be testing $ 3,750.

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