in ,

Bitcoin Price Analysis 4th Feb 2019: Bulls are yet to arrive?

The sustained ‘crypto-winter‘ has created a cloud of uncertainty in the direction of Bitcoin Price. The delay in the Bakkt launch and an extended date of ETF decision has neutralized the positive catalyst in the market. The bear market has lasted for 58 weeks and still shows no apparent signs of a trend reversal is observed.

Analysis of 1-Hour Chart – BTC/USD

bitcoin price analysis
1-Hour Chart of USD/BTC on Bitfinex

There are four Doji single-chart patterns identified on the chart which suggests the indecision in the market. The day traders action seems to be subsidized considerably. The Bullish Marubuzo observed in the morning also lost its stop-loss target at $3530 confirming the bearish market.

Analysis of Daily Chart – BTC/USD

On the daily chart, the signal is bearish. The chart seems to be approaching a critical point of action. Furthermore, if a comparison with the last such uncertain period during Oct-Nov is made, the charts suggest starking similarities suggesting a move downwards to $2390. The…

Read Full Story : Coingape

2019-02-04 14:10:25

What do you think?

0 points
Upvote Downvote

Written by Coingape

Institutional-Grade Crypto Exchange Lists XRP, EOS, Tron and Stellar, Paired With Bitcoin, Ethereum and Fiat

Fidelity Enters Final Testing Stages For Crypto Platform