According to analysts CoinDesk, if the price of bitcoin will find support at current values, the next important level will be $3000.


Bias: Bear biased#bitcoin needs to hold current levels or risk visiting weekly drawdown to 38% fib retracement at 3k

Small bounce is likely to come into effect over the next few days, but also unlikely to hold as MACD is red w extended bear cycle — 🐻$BTC

— CoinDesk Markets (@CoinDeskMarkets) 6 grudnia 2018 R.

On the weekly chart that confirms the volume of trading strong movement began when the price of the figure “Triangle”. Currently, bitcoin is heading towards the 38% Fibonacci scale. This level coincides with the level of $3054 corresponding to the values of July last year.

Patterns “Triangle” and “Flag” on lower timeframes indicate a high probability of a downtrend:

#BTC/USD #bitcoin US Snapshot

Outlook: bearish continuation Eyeing

Consolidation like this after a sell off tends to lead to bearish continuation

The patterns show clear points of confirmation/invalidation

Breaking the triangle/flag support should initiate a drop towards $3k

— CoinDesk Markets (@CoinDeskMarkets) 7 grudnia 2018 R.

Also, it indicates the update of the maximum volume of short positions on Bitfinex:

#BTCUSD Shorts on Bitfinex are closing on record high of 40,289 hit on Sept. 19.

— CoinDesk Markets (@CoinDeskMarkets) 7 grudnia 2018 R.

Recall the key support level at $3000 last week reported Omkar Godbole.