Analysis of Bitcoin for December 5, 2018

Bitcoin managed to slide below $4,000 with strong impulsive bearish momentum which is expected to lead the price much lower towards the support area of $3,550-3,600 in the coming days. The price has bounced off the Kumo cloud resistance while breaking below the dynamic levels of 20 EMA, Tenkan and Kijun line as well. Though the overall trend is quite volatile but as per recent price formation, no strong Bullish Divergence is being observed which indicates that the bearish pressure is expected to continue to push lower. The bearish trend still continues and expected to push lower impulsively in the coming days as the price remains below $4000 area with a daily close.

SUPPORT: $3,500-50, 3,600

RESISTANCE: 4,000, 4,500

BIAS: BEARISH

MOMENTUM: VOLATILE

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