Analysis of bitcoin for November 29, 2017

Bitcoin has been unstoppable recently having non-volatile impulsive trend breaking above the $10,000 and $11,000 price areas at the same day. The recent moves were very fast indeed, having exceeded the expectations and moving rapidly higher. The cryptocurrency broke the volatility rate record as well. Bitcoin has been breaking records since its inception despite the challenges it faced along the way. This year has been very remarkable for the cryptocurrency showing over 400% growth in past few months. The impulsive drive higher was made possible due to the re-scheduling of the fork in November which increased the demand for the Bitcoin. As of the current scenario, price has been quite responsive with the dynamic levels of 20 EMA, Tenkan and Kijun line where every retracement was pushed back higher off the levels. The trend is still non-volatile though certain spike after breaching above $11,000 was observed. As the price remains above the dynamic level, it is expected that the price will head towards $12,000 very soon.


The material has been provided by InstaForex Company -