Analysis of Bitcoin for December 27, 2018

Bitcoin has been quite corrective and volatile at the edge of 200 EMA after breaking below $4,000 area with a daily close recently. The price has recently formed Bullish Regular Divergence in the process while straddling at the edge of 200 EMA but the bullish momentum is still quite indecisive as the price remains below $4,000 area with a daily close. The resistance area of $4,000 is being covered by the Kumo Cloud resistance as well while Tenkan, Kijun and 20 EMA being the closest of all the resistances at the current price placement. The price is expected to push higher if it manages to break above $4,000 area with a daily close which will lead the price towards $4,250 and later towards $4,500 area.

SUPPORT: 3,500, 3,600

RESISTANCE: 4,000, 4,250, 4,500

BIAS: BULLISH

MOMENTUM: CORRECTIVE and VOLATILE

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

Source:: Analysis of Bitcoin for December 27, 2018