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BITCOIN Analysis for January 23, 2018

Bitcoin has been non-volatile, trading with a bearish bias since it bounced off the $12,800 price area recently. Though the price is gradually going down recently, speculators are still quite optimistic about bitcoin and expect that the price will range between $8,000 to $12,000 price area for the medium term before showing any definite trend move in this cryptocurrency. The market seems like stabilizing itself though it is still losing some grounds. After the recent introduction of Bitcoin Futures, this is speculated to be the effect of it. As for the current scenario, price is expected to head lower towards $9,200 price area with the dynamic level which coincides with the trend line. The pullbacks along the way were quite minimal which led to non-volatile bearish pressure in the pair as well. As the price remains below $11,000 price area, the bearish bias is expected to continue further.


The material has been provided by InstaForex Company -