BITCOIN Analysis for December 6, 2017

Bitcoin has been quite impulsive with the gains and currently is residing at the record breaking price above $12,600. The impulsive move was non-volatile and very quick after the break above $11,700. Judging the current impulsive behavior of the cryptocurrency, the price is expected to reach $14,000 by the 10th or 18th of December when the Bitcoin Future is going to be launched. As Bitcoin is being legalized by more countries, the sentiment is quite in favor of the bullish run which is currently unstoppable. As of the current scenario, Bitcoin has been a bit corrective but being supported by the dynamic levels of 20 EMA, Tenkan, and Kijun line which are expected to push the price much higher with much deeper retracement along the way. As the price remains above $11,500 price area and dynamic levels of 20 EMA, Tenkan and Kijun line, the impulsive bullish bias is expected to continue further.

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