BITCOIN Analysis for December 28, 2017

Bitcoin has been impulsively bearish recently and currently residing below the $14,000 price area. The price did recover well from the drastic fall towards $11,100 price area but could not sustain the gains and currently heading towards the same price level again. The volatility in the Bitcoin is currently quite extreme which created a false break above the $15,500 price area before the impulsive bearish pressure. As for the current scenario, price is residing below the Kumo cloud support which was expected to hold the price for further bullish movement in the pair and push the price higher. Moreover, the dynamic levels of 20 EMA, Tenkan and Kijun line are currently working as resistance residing above the recent candles to hold a further bullish move in the future. As the price remains below $15,500 price area with a daily close, the bearish bias is expected to continue further with target towards $11,100 price area.

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