FX.co ★ BITCOIN Analysis for November 16, 2018

Bitcoin managed to push higher above $5,500 area recently after it broke below $6,000 area with a daily close amid impulsive bearish pressure. The price recently formed Extreme Divergence. So, certain retracement towards $6,000 area is expected before the price sinks lower with a target towards $5,000 area in the future. Currently the price is at the edge of the dynamic level of 20 EMA from where it is expected to pull back for a certain period. As the price remains below $6 000 area with a daily close, the bearish bias is expected to continue further.

SUPPORT: 5,000, 5,500

RESISTANCE: 6,000, 6,400, 6,500

BIAS: BEARISH

MOMENTUM: VOLATILE