BITCOIN Analysis for December 4, 2017

Bitcoin is currently residing above $11,300 price area after an impulsive bearish pressure that hit the cryptocurrency, forcing it to fall towards $9,000 price area recently. Bitcoin managed to form a V-pattern and quickly bounced off $9,000 price area with an impulsive gain after the drastic fall due to high volatility. Bitcoin is currently quite a mature market where the impulsive and corrective cycle is being maintained and the cryptocurrency is getting much stronger after each retracement for a certain period. There are speculations that Bitcoin Futures are going to be launched soon which made a positive impact on the growth of the Cryptocurrency and it is expected to encourage much higher highs in the coming days. As of the current scenario, the price is being supported by the dynamic levels again where 20 EMA, Tenkan and Kijun line are forming a floating support for the price to create highs. As the price remains above $10,500 price area and dynamic line of Kijun Sen (Blue Line), the bullish bias is expected to continue further with a target towards $12,000 price area.


The material has been provided by InstaForex Company -