BITCOIN Analysis for December 7, 2017

Bitcoin has been breaking several records for the last few days and is currently residing above the record high price of $14,800. Bitcoin is expected to be quite corrective with the gains before the launch of Bitcoin futures on 10th and 18th December but before that price has acted quite impulsively with the gains which can result in a certain retracement in the coming days. The price has already moved over $1,700 so far by the last daily candle formation but it indicates further bearish pressure may emerge in the coming days as the price is progressing higher towards $15,000 price area. As of the current scenario, Bearish Continuing Divergence has formed showing a decrease in volumes as the price is moving higher. RSI, Stochastic, and MACD Histogram are indicating an upcoming bearish move which is expected to push the price lower towards $12,500 after a certain bullish pressure higher. The price level $15,000 is a psychological level and a rejection off the level is expected to validate the Bearish Divergence and have impulsive bearish pressure in the coming days.

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