BITCOIN Analysis for December 13, 2017

Bitcoin has been quite corrective recently after breaching above the $17,000 price area as expected. The consolidation is assumed to be an effect of introduction to Bitcoin Futures where the traders are taking some time to getting hold of the concept and upcoming holiday season is also taken into consideration. As of the current market situation, the price is expected to be quite slow with the gains in the coming days having most of the market players out of the market and a good amount of profit taking is being observed after Bitcoin reached such high price. Some insecurity among the investors has been also observed after a sudden impulsive hike of Bitcoin above $15,000 price area which was quite hard to digest for some investors as well. Currently, the price is residing above the Kumo Cloud and $16,500 support area from where the price is expected to move up again. As the price remains above the Kumo Cloud Senkou Span B, which is the lower line of the cloud, the bullish bias is expected to continue further with the target towards $18,000 price area.

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