BITCOIN Analysis for December 25, 2017

Bitcoin's bearish pressure has to lead the price to have drastic fall towards $11,130 event level support area recently from where the price is currently showing some bullish momentum. Though the price had an impulsive bearish pressure taking the price from $19,600 to all the way down to $11,130 price area the speculators have not lost hope yet. The bearish pressure which leads to one of the deepest pullbacks till date is now being considered as needed correction to stabilize the growth of this Cryptocurrency. Most of the speculators are taking this fall as the first step to a Matured market and some are thinking this drastic fall as Blast of the Bubble. Though there have been many financial bubbles in the early ages as Bitcoin was being regulated recently, there are certain chances that the Bitcoin will survive the race. As of the current market situation, the price has created a small range bounded between $11,130 to $15,500 price area whereas currently, the price is trying to break above the dynamic level of 20 EMA, Kijun and Tenkan Line. As of the recent impulsive bullish bounce which was stopped at $15,500 area, it shows that bulls are still present in the market and could push the price higher once again. As the price remains above $11,130 price area the bullish bias is expected to continue further with the target towards $15,500 first and later towards $18,000 price area in the future.


The material has been provided by InstaForex Company -