Bitcoin prices have fallen sharply, as bitcoin ended its main support line of $5800 due to the uncertainty before the BCH forks and hash in November 14th, but bitcoin has not yet recovered. From the chart, the decline is almost vertical. So before the bear market trend receded, there must be a strong rise above our small resistance line of $4700.
The BTC/ dollar may be bearish, but there is a strong support between $3700 and $4000, and it is better to still have a $1000 interval between $3700 (or a November 2018 low to $4700). Now, in this accumulation, the average November 25-82k for the 47K average and the November 28-68k are the bull markets of our attention to the average 65K. Please note that if the buyer sets up enough kinetic energy, we may end up with a three – stick reversal mode, and in this process, more than $4700 will lead to buying. From the point of view of the contrast between the effort and the results, the current price trend is still limited between the high and the lows of November 28th – a bull market higher than the average volume.
After falling on 14-15 November, the BTC/ dollar did fall through the 11 – month support interval and entered a bear market breakthrough model. This fusion is obvious in the higher time frame, especially in the weekly chart, which underneath the wedge actually triggering the next wave of bear market, causing the whole empty bar chart to fall 5800 dollars. Now, although the price is $1000, the gap is still in control. If we want to get more power, we must see more than $4700.
Technically, before we recommend the bull market, we have to see the confirmation of the high volume of bull market in November 25th and 28th, and the completion of the three bar bull market reversal model (Morningstar model). When the price is close to $4700, the target of the bull market is $5500 and $6000. If not, and fall below 3700 dollars or November 25th lows, then we may see a further drop to $3000 or lower.