BITCOIN Analysis for November 28, 2017

Bitcoin has been non-volatile with the recent bullish trend after bouncing off the $8,000 price area and is currently residing above $9,800. The Bitcoin has been quite responsive with the dynamic levels of 20 EMA, Tenkan and Kijun line which acted as dynamic support to push the price higher after every retracement towards it. Recently, Bitcoin Mutual Fund was launched in Europe that helped the Cryptocurrency to gain good momentum and pushed higher with a target towards $10,000 price area. The target price of $10,000 is expected to inject a good amount of volatility in the market and may push the price down if the price is rejected off. As of the current scenario, Bitcoin is expected to reach $10,000 impulsively as the price remains above the dynamic levels of 20 EMA, Tenkan and Kijun line. As the price remains above $9,000 price area the bullish bias is expected to continue further.

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The material has been provided by InstaForex Company - www.instaforex.com