BITCOIN Analysis for January 19, 2018

Bitcoin has been quite steady with the gains after bouncing off the $9,200 price area. Despite having a lot of regulatory issues and bans on exchanges, Bitcoin is currently trying to be stable with small gains that is indeed a good sign for the cryptocurrency industry. The uncertainty still exists in the market while market participants are indecisive whether to invest money in Bitcoin for further profit or not. The recent strong pullback cleared some weak participants of the market. But some speculators still consider the possibility in the market to push higher. As for the current scenario, the price has breached the dynamic level of resistance which has been holding the price lower. As the price remains above this dynamic level and $9,200 price area, further bullish pressure with a target towards $15,500 area is expected. Moreover, the Bullish Divergence in the daily chart is still in place to support gains as well.

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