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19.11.201816:39 Forex Analysis & Reviews: BITCOIN Analysis for November 19, 2018

Long-term review

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Bitcoin has been quite impulsive amid the bearish pressure today despite the recent correction at the edge of $5,500 area. The price is currently residing just few pips above $5,000 area from where it is expected to bounce higher towards $6,000 area in the coming days. Under the current market conditions, $5,000 is one of the most important price area in the Bitcoin market so far. If the price manages to bounce higher, then further consistent bullish pressure can be expected. Otherwise, a break below $5,000 with a daily close may lead to a drastic fall towards $3,500 in the future. As the price remains above $5,000 with a daily close, the odds that the price could push higher towards $6,000 in the future.

SUPPORT: 5,000

RESISTANCE: 5,500, 6,000

BIAS: BEARISH

MOMENTUM: IMPULSIVE and NON-VOLATILE

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