Bitcoin condition after a strong fall ?

November 21, 2018

As you can see, the support is very dense: we have reached the resistance of Fib 0.786, which is near the level of 4400 and as a rule is a reversal level (but often before the increase itself, the price tends to fall below). We also have an extreme proximity to the long-term uptrend line, which also complicates the ability to lower the price below. On a 4-hour scale, there is a good momentum, which is moving to a larger scale, and the indicators are becoming more bullish. Perhaps we have reached the “bottom” at this stage, because the market is in need of correction of such a fall. Now we need to see how Bitcoin is fixed above the support of the day at 4575 in order for the bulls to take more control over the market. The situation is not stable, but in small timeframes, the movement overcomes the resistance of the downward trend and tries to move higher. We recommend to observe the scale of 4 hours, if we keep the current area, we can count on the closest positive, but a step down can provoke a campaign to 4000, which are below the resistance of 0.786 and below the long-term uptrend, which is very bad.

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