Bitcoin Technical Analysis for 12/05/2015 – $369 Still a Key Pivot

The $369 pivot zone is continuing to assert its importance. I mentioned this price level in my prior technical analysis and how it might act as resistance again. The market did respect this pivot as resistance on the 2nd of December, when price immediately reversed after hitting $369, and subsequently dropped to $355. Price is now trading above $369 once again, so this pivot will most likely now act as support.

Bitcoin has been rising in a steady manner since the 24th of November, however, price is now approaching a major area of resistance. In fact, the entire band between $385-$390 is one giant pivot! At the beginning of November, this entire area acted as resistance about four different times. Bitcoin has not traded near $390 since the start of last month, so there is a chance that the current bull market may stall near this monster pivot zone.

 

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Disclaimer:  This is not trading/investment advice!

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Chart source: https://www.okcoin.com

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