BITCOIN Analysis for December 27, 2017

Bitcoin is currently residing below the $15,500 area after having a spike above the area with a daily close. The price is observed to be struggling near $15,000-$16,000 area which is expected to break higher with the target towards $20,000 in the coming days. The gain is currently quite steady and slow, but the main fact is that price is climbing after the drastic fall. As the year is coming to an end and due to holidays being observed, most of the market players are currently away of the market which has been speculated as the main reason for the indecision and slow market conditions. As of the current market situation, the price is being held by the Kumo Cloud along with the trendline support, dynamic level of 20 EMA, Tenkan, and Kijun which is also acting as good support for the price currently. As the price remains above $13,500 price area the bullish bias is expected to continue further with the target towards $20,000 price area in the coming days.

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The material has been provided by InstaForex Company - www.instaforex.com