BITCOIN Analysis for September 15, 2017

Bitcoin bearish impulsive move is currently taking the price towards the support area of $2,617.60 - $2,867.30. The issues of banning the Bitcoin in China affected the growth of the cryptocurrency which led to severe bearish pressure engulfing most of the August bullish price action. As more governments and regulations are resisting the digital currency tagging it as unreliable, the demand for the Cryptocurrency is currently observing the worst counter move in the recent scenario. Currently the price is very impulsively bearish and proceeding towards the support area of $2,617.60 - $2,867.30. If the price bounces off the support area with a daily close, then we might see a bullish intervention again to take the price higher towards $3,917.20 - $4,000.00 resistance area. On the other hand, if the price breaks below the support area, the bearish move is expected to take the price much lower towards 1,850.00 support area. As the price is residing inside the Kumo Cloud and dynamic level of 20 EMA is also quite far away of the current price, some bullish intervention is expected to hit the Cryptocurrency in the coming days before it creates much lower lows.

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