BITCOIN Analysis of September 22, 2017

Bitcoin bearish pressure persist in the market with short-term corrective and volatility can observed as well. The ban on Initial Coin Offering from the Chinese Regulators and ban on Bitcoin exchanges lead to a certain belief in the market that speculators are currently quite confused with the future of this Cryptocurrency. Due to the recent events, a large number of traders and investors are not participating in the Bitcoin market which resulted in lower liquidity in the market leading to further correction and steadiness. Currently, the bearish sentiment is likely to continue in the Bitcoin market that is expected to lead to a further downmove towards $3,000.00 support level in the coming days. The price is currently residing at the Kumo Cloud support with a fresh bearish cross of Tenkan and Kijun Sen. This suggests more bearish price action for the coming days. If the price remains below the $4000.00 resistance level, the bearish pressure is expected to continue further.

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