BITCOIN Analysis for January 18, 2018

Bitcoin has been come under bearish pressure recently which led the price to fall towards $9,200 price area, from where the price bounced off in an aggressive price action, quickly rejecting the bears off to reside above $11,000 price level. The volatility of the bitcoin has been high due to the recent regulatory and coin exchange ban issue, so that bitcoin made the deepest pullback since its November bullish gains. The effect of such volatility cannot be only explained by the regulatory and exchange ban but also by the recent introduction of bitcoin futures trading which enabled investors to play on the both sides of the market. Meanhwile, bears made a fortune selling it in an impulsive manner. As for the current scenario, the bullish divergence still exists in the bitcoin market where the price is expected to head higher towards $15,500 price area in the coming days if the price remains above $10,000 price level with a daily close.


The material has been provided by InstaForex Company -