BITCOIN Analysis for December 15, 2017

Bitcoin is currently residing between the price range of $16,600 to $17,400 area where the price is expected to break upward after certain period of correction. Bitcoin price gained some momentum recently breaking above the $16,600 price level but the momentum was not quite impulsive. As for various financial sources, Malaysian Government and South Korean Bitcoin Foundation have provided the guidelines of proper operation of Bitcoin which is expected to impose more security and better transactions. The impact of the news was quite hawkish in the market but was not sufficient to help the Cryptocurrency to break above $17,400 price area and head towards $18,000 price level. As for the current scenario, price is expected to show some impulsive bullish move bouncing off the dynamic level of 20 EMA, Tenkan and Kijun line which is expected to help the price to break above $17,400 price area in the coming days. As the price remains above $16,600 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