BITCOIN Analysis for December 21, 2017

Bitcoin bearish pressure is still quite strong which lead the price to touch the $15,500 support area recently. Though the price has rejected off the $15,500 support area recently but the risk of breaking below it remains constant as bulls are currently quite weak to push the price higher. As of the earlier expectation about the price to be at $15,000 price area by the end of 2017 seemed to be a reality now. As of the current situation, Bitcoin is expected to remain under pressure for the coming days making the upcoming price action volatile and corrective in nature. Price is currently residing below the dynamic level of 20 EMA, Tenkan and Kijun line which has been working as a resistance to hold the price from further up moves. Currently the price is indecisive but expected to push lower towards $15,500 price area. If the price breaks below $15,500 with a daily close, then we will be looking forward for further bearish pressure with a target towards $12,000 price area. As the price remains above $15,000 price area, the bullish bias is expected to continue further but impulsive bullish pressure is expected to start after the price breaks above $18,000 price area in the future.


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