BITCOIN Analysis for November 22, 2017

Bitcoin has been quite corrective recently after breaking above the $8,000 price area. The retracement and pullbacks along the way are quite as expected but the recent bearish pressure has been observed due to a substantial number of Bitcoin account being hacked which lead the market to insecurity resulting to decrease in demand. Additionally, as of recent reports, Russia is trying to ban Cryptocurrencies in the country which might also prove to be a dig on the Bitcoin growth in the coming days. As of the current situation, despite the impulsive pullbacks towards the Kumo Cloud the price is observed to create more high lows in the process which can be taken as an indication for the upcoming bullish move in the Cryptocurrency with the target towards $9,000 price area. The dynamic level of 20 EMA, Tenkan and Kijun Line is working as support for the current price formation which is expected to hold the price from falling further downward in the coming days. As the price remains above $7,500 price area the bullish bias is expected to continue further.


The material has been provided by InstaForex Company -