BITCOIN STILL DOWN

Updated: 11/27/2018 11:04
Reprints/Permissions  Hyip Monitor
bitcoin still down
Bitcoin still moves down, though pace getting slow, downward movement analysis along with possible predictions of the further development
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Bitcoin still moves down, though pace getting slow, downward movement analysis along with possible predictions of the further development

The leader of the cryptocurrency market, Bitcoin, continues to decline on bids on Tuesday, November 27. Major trades are being held at around $3700 by the time of publishing the news.

Analyzing the Bitcoin dynamics within the the 1-hour timeframe, it is worth noting that the downward trend continues, but its pace slows down. With the development of decline, convergence is formed, which may mean close completion of the downtrend and the beginning of correction.

At the present moment we can observe the formation of a new impulse of the downward movement after the deflection of the resistance line. The local reduction target is near the minimum, the breakdown of which will signal a further decrease to the support level of $ 3050. Given the convergence, it is expected to rebound from support and growth to the resistance line - the level of $ 3810, and further to the projection line of resistance in the area of $ 4330.

It is also worth considering rebounding support from the current low. In this case, the market may develop a short-term upward correction to the current resistance level of $3920, and after its breakdown, to a level of $ 4635.The leader of the cryptocurrency market, Bitcoin, continues to decline on bids on Tuesday, November 27. Major trades are being held at around $3700 by the time of publishing the news.

Analyzing the Bitcoin dynamics within the the 1-hour timeframe, it is worth noting that the downward trend continues, but its pace slows down. With the development of decline, convergence is formed, which may mean close completion of the downtrend and the beginning of correction.

At the present moment we can observe the formation of a new impulse of the downward movement after the deflection of the resistance line. The local reduction target is near the minimum, the breakdown of which will signal a further decrease to the support level of $ 3050. Given the convergence, it is expected to rebound from support and growth to the resistance line - the level of $ 3810, and further to the projection line of resistance in the area of $ 4330.

It is also worth considering rebounding support from the current low. In this case, the market may develop a short-term upward correction to the current resistance level of $3920, and after its breakdown, to a level of $ 4635.


About the author

Brett Sherpan has been working for seven years writing and editing for online and print media. He has held various editing and copywriting positions and can quickly and competently write copy for sales, marketing and editorial content. Brett is a consistently dependable team player, who thrives in a high-pressure environment, enjoying the challenges of meeting deadlines and am comfortable researching, writing and editing on a wide range of topics
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