BITCOIN Analysis for November 22, 2018

After impulsive bearish pressure pushing the price below $4,200 area, Bitcoin is now correcting itself inside the bearish impulsive candle with a daily close now. The price is still expected to push higher towards $5,000-5,500 area before it continues with the bearish trend. The dynamic levels including 20 EMA, Tenkan, and Kijun line are residing quite far from the current price momentum. It is expected to make the price retrace higher before showing further bearish momentum. As the price remains below $6,000 area, the bearish bias is expected to carry on, though certain corrections and pullbacks may be observed along the way.

SUPPORT: 3,500, 4,000

RESISTANCE: 5,000, 5,500, 6,000

BIAS: BEARISH

MOMENTUM: VOLATILE

analytics5bf6d6b706888.png

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