Bitcoin: starting to trade in 2019

Bitcoin: starting to trade in 2019

Trade ideas

BUY 4500; TP 4950; SL 4320

SELL 3600; TP 3230; SL 3700

Happy New Year, everyone! My first trade ideas of 2019 are for Bitcoin. The cryptocurrency found support at 3220, in the vicinity of 200-week MA and 50-month MA.

On D1, we can see that Bitcoin stayed above 3650 during the second half of December. As a result, what we are seeing may be an inverted “Head and Shoulders” pattern. Advance above the neckline at 4490 will open the way up to 4960 (September 2017 high).

At the same time, the pair’s currently limited on the upside by the descending 50-day MA (brown line). A decline below 3650 will resume the downtrend. The previous low at 3220 will be a natural sell target in this case.



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