BITCOIN Analysis for January 16, 2018

Bitcoin has been quite under pressure recently having an indecisive South Korean situation which has confused the market sentiment. Bitcoin has recently breached below $13,000 price area which was an important event level and as the price residing below the level, more correction and volatility is expected in this market. Currently, there are certain situations of Crypto Exchange shut down which may lead to further down move in the future for the Bitcoin. As of the current scenario, the price is residing below $12,000 price area and expected to reach $11,000 in the coming days from where the bullish intervention is expected. As a Bullish Divergence is also emerging in the meantime, a bounce off 61.8 Fibonacci Expansion level has higher probability with the target towards $17,000 in the future. As the price remains above $11,000 the bullish pressure is expected to continue in Bitcoin.

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