BITCOIN Analysis for December 18, 2017

Bitcoin has been impulsive with the gains recently which pushed the price up to the record high price of $19,600. Nevertheless, BTC could not keep the momentum that has led to impulsive bearish pressure taking the price towards $18,500. The price is expected to hit $20,000 by the first quarter of January as recently CME Exchange launched the Bitcoin Futures which is expected to trade Bitcoin above $20,000 price area. The market is likely to be quite volatile in the coming days as new investors and market players are going to enter the Bitcoin market. As for the current scenario, price is currently residing inside the Kumo Cloud support above $18,500 price area after impulsive bearish pressure, but the support is expected to push the price higher towards $20,000 in the coming days. As the price remains above the $17,500, the bullish bias is expected to continue further.

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