FX.co ★ Bitcoin analysis for December 07, 2018

Trading recommendations:

According to the M15 time - frame, I found that BTC has been trading downwards. The price tested the level of $3.263. I also found that BTC is trading in the consolidation channel (a bearish flag), which is a potential re-distribution zone for more downside movement. My advice is to watch for a breakout of the support trendline to confirm further downward continuation. The downward target is set at the price of $2.961.

Support/Resistance

$3.380– Intraday resistance

$3.263– Intraday support

$2.961 – Objective target 1

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