Bitcoin Price analysis December 2, 2015


This week, the price of bitcoin went up as high as $ 383 – a resistance level from November 9th – from where price broke down to low $ 300s. From last week’s analysis, $ 380 as a target level was expected; now, the price has retracted to consolidate and possibly gather more steam for another attempt at breaking up to $ 420; however, a second attempt at breaking $ 380 is not a foregone conclusion. Price action this week held $ 320 as strong support, for a firm bounce up to $ 383.

Some traders are of the opinion the bull run from November is over, so wise to be cautious of limited upside

“That current candlestick pattern and volume indicate that bulls are out of steam. It’ll head back to 300 and likely break below.”

$350 and $ 360 zone is evidently a crucial zone, telling from price action in that range – price consolidated in this zone after breaking up from $ 320. Now that trading is happening in this range after breaking down from $ 380, a period of trading sideways

Read more ... source: TheBitcoinNews