BITCOIN Analysis for December 19, 2017

Recently Bitcoin has been quite bearish in nature with increased in volatility and a significant decrease in price. After bouncing off the $19,600 price area, Bitcoin is currently residing just above the $16,600 to $17,400 support area which is expected to be touched very soon. The bullish pressure seemed to have worn out ahead of the Christmas as most of the market players seem to have moved their investments to other Cryptocurrencies which are much cheaper than Bitcoin like Ethereum and Litecoin. As of the recent introduction of the Bitcoin futures by CME and CBOE, the bears are in more charge as traders can even make money by shorting the Bitcoin now. As of the current scenario, the price is expected to proceed towards the support area of $16,600 to $17,400 before bouncing off higher towards $20,000 price area by the end of December. As the price remains above $16,600 price level the bullish bias is expected to continue further.

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