BITCOIN Analysis for January 10, 2018

Bitcoin has been non-volatile with the bearish pressure since the bounce off the $17,000 price area where the price is still heading down towards $13,000. Due to recent diversification of the investment sentiment towards Altcoins like Ethereum and Litecoin, Bitcoin has been struggling to gain momentum. Moreover, recently Chinese Regulators are trying to restrict the mining of Bitcoin because they find mining to be wastage of resources and electricity. Additionally, Bitcoin future allowing traders to go short and make money lead to more bearish pressure in the Cryptocurrency than ever. As for the current scenario, price has been quite away from the dynamic levels of 20 EMA, Tenkan, Kijun and Kumo Cloud which is expected to attract the price towards them, i.e. higher, for a certain period of time before the price continues its bearish pressure to push the price towards $13,000 in the coming days.


The material has been provided by InstaForex Company -