Bitcoin price attempts to recover – Analysis - 16-11-2018

Bitcoin price shows some bullish bias to move above 5500.00 level now, noticing that stochastic loses its positive momentum clearly to approach the overbought areas, to form negative motive that we expect to push the price to resume the bearish trend again.

Therefore, we will keep our bearish overview in the upcoming sessions, which targets 5000.00 level mainly, taking into consideration that breaching 5610.00 will push the price to achieve more gains and test areas that reach 6040.00 before any new attempt to decline.

Expected trading range for today is between 5000.00 support and 5800.00 resistance

Expected trend for today: Bearish