BITCOIN Analysis for December 14, 2017

Bitcoin has been quite corrective as expected today and the deepest pullback was down to the $15,500 price area. The market focus seemed to have shifted from Bitcoin to Ethereum as the price of Ethereum has been quite impulsive with the gains recently. The sentiment change means that the price of Bitcoin residing currently was unexpected by a huge portion of the market whereas investors are looking for cheaper coins to invest, which has some growth potentiality. Despite the consolidation, Bitcoin has been quite stable having no impulsive bearish pressure in the market, which is indeed a good sign. As of the current market scenario, the price has breached the Kumo Cloud in the intraday market, but still the bulls seem quite strong as the price resides above the $15,500 price area and the Chikou Span is on its way to break above the candle resistance of the consolidation period. The price is expected to surge higher towards the $18,000 price area in the coming days but with some correction along the way.

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