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10.12.201816:03 Forex Analysis & Reviews: BITCOIN Analysis for December 10, 2018

Long-term review

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Bitcoin has been trading with the bearish momentum which lead the price below $3,500 area with a daily close. The price has recently formed a Bullish Divergence in the process which pushed the price a bit higher. As a result, the price bounced back above $3,500 area, which is expected to be held by the Tenkan line and 20 EMA as resistance. However, amid the overall bearish momentum, the price is expected to sink lower towards $3,000 despite the recent bullish pressure, which may trigger some upward correction and volatility along the way. As the price remains below $4,000 area with a daily close, the impulsive bearish bias is expected to continue.

SUPPORT: 2,500, 2,850, 3,000

RESISTANCE: 3,500, 3,600, 4,000

BIAS: BEARISH

MOMENTUM: PARTIAL VOLATILE and CORRECTIVE

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