FX.co ★ Bitcoin analysis for March 19, 2018

Bitcoin (BTC) has been trading upwards. The price tested the level of $8.570. Coinbase has revealed that it has obtained a bank account with major UK-based multinational financial services company, Barclays. The partnership comprises the first agreement reached between the leading UK bank and a cryptocurrency exchange. The technical picture looks bullish.

Trading recommendations:

According to the 4H time - frame, I found that price broke out of the resistance level at the $8.568. I also found a confirmed hidden bullish divergence on the moving average oscillator, which is another sign of the strength. My advice is to watch for potential buying opportunities. The upward target is set at the price of $9.689.

Support/Resistance

$8.570 – Intraday resistance

$8.030– Intraday support

$9.690 – Objective target

With InstaForex you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.