BITCOIN Analysis for December 5, 2017

Bitcoin has been quite corrective with the gains recently which lead the price to reside above $11,500 price area. As of the upcoming launch of Bitcoin future trading by CME and CBOE on 10th and 18th December, the market sentiment is very positive for the Bitcoin gains which is expected to push the price higher impulsively in the coming days. The market is currently quite corrective in nature, but the certain impulsive behavior is expected to be observed on 10th and 18th December which might extend our target to push towards $12,500 by the end of December. As of the current scenario, Bitcoin is being carried by the dynamic levels of 20 EMA, Tenkan and Kijun line since it bounced off the $9000 support area after the recent bearish pressure. The Chikou Span is showing some bearish momentum to be observed for short-term but as the price remains above 11,000 price area and Kumo Cloud the bullish bias is expected to continue further with the target towards $12,500 in the coming days.

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