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BITCOIN Analysis for January 26, 2018

Bitcoin is struggling to sustain the bullish gain in the bearish market trend which has been quite impulsive recently. The volatility still exists in the market but the bears seem to set the tone in the market currently. Amid a lack of news on bitcoin from South Korea, the bitcoin market is going through a quiet phase that resulted to less liquidity and more bearish momentum in the process. As for the current scenario, the price is expected to reach the support area between $9,000 and $10,000, from where the price is expected to bounce higher with a target towards $15,500 price area. On the other hand, the current structure of the market is forming a pre-breakout structure which is indicating the probability of breaking below $9,000 in the future. If that happens, the price is expected to proceed lower towards $7,500 price area in the coming days. As the price remains below $12,000 price area, the bearish bias is expected to continue further.


The material has been provided by InstaForex Company -