BITCOIN Analysis for December 1, 2017

Bitcoin has been quite bearish recently pushing the price lower to $9,000. As more countries are trying to regulate the Bitcoin, the control of Bitcoin is getting stronger which made the price to remain under a certain pressure. Bitcoin has seen several challenges along the path to this record price area whereas it was expected that the price will be at nearly$10,000 by the end of 2017 which actually has been achieved. Then, it spiked much higher above $11,000 as well that made the market unstable and confused leading to a drastic fall which is still going on in the market. As of the current market scenario, price has been quite choppy after breaking below the dynamic levels of 20 EMA, Tenkan and Kijun line that has been carrying the price all the way upward after breaking above $8,000 price area. Though price has breached below the dynamic levels, Kumo Cloud is expected to act as a strong support for the price to push the price higher again. However, this time it is expected to be quite corrective in nature. As the price remains above $8,000 price area, the bullish bias is expected to continue further.


The material has been provided by InstaForex Company -