Bitcoin analysis for February 21, 2019

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BTC has been trading upwards and the level of $4.100. Anyway, we found the strong reaction from sellers from the resistance, which is a sign that buying looks risky. We also found the breakout of the intraday support at $3.970, which is another sign of weakness. Supports are seen at the price of $3.805 and at $3.610.

Yellow rectangle – $4.045 (Resistance)

Yellow rectangle – $3.970 (Resistance)

Red rectangle – $3.805 (Support)

Red rectangle – $3.610 (Support)

Trading recommendation: We exited our long position on BTC and we started to sell from $3.962 with stop at $4.100. Targets are set at the price of $3.805 and $3.610.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Bitcoin analysis for February 21, 2019

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