BITCOIN Analysis for December 12, 2017

Bitcoin is currently residing above $17,000 price area which has been quite corrective along the way. Due to recent CBOE introduction of Bitcoin Futures the market has been quite consolidating. The reason behind this consolidation is currently speculated as the effect of Future trading where a trader can trade on either way to gain pips. Despite the correction, Bitcoin has been quite stable with the gains and it is expected that the price will move towards $18,000 sooner. As of the current scenario, the price has been reacting quite well with the dynamic level of 20 EMA since the recent bullish move from the bounce of $12,500 price area. The price is currently expected to retrace towards the dynamic level of 20 EMA, Tenkan and Kijun line before it surges higher towards the $18,000 price area in the coming days. As the price remains above $16,000 price area the impulsive bullish bias is expected to continue but it is expected to be quite slow and corrective in nature.


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