BITCOIN Analysis for December 6, 2018

Bitcoin is still quite volatile while pushing lower with certain pullbacks in the process. The price has recently formed a Bullish Divergence which might lead to certain bullish pressure. However, the probability will only increase as the price trades firmly above $4,000 and the dynamic level of 200 EMA resistance along with Kumo Cloud resistance with a daily close. Despite the bears dominance in the Bitcoin, the volatility and deeper bullish pressure indicate certain counter-momentum emerging in the market. However, being below $4,000, 200 EMA, and Kumo Cloud, the bearish pressure is expected to continue pushing the price lower towards $3,500-600 and later towards $3,000 in the coming days.

SUPPORT: 3,000, 3,500, 3,600

RESISTANCE: 4,000, 4,250, 4,500

BIAS: BEARISH

MOMENTUM: VOLATILE

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