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BITCOIN Analysis for January 29, 2018

Bitcoin has been trading in a range between the $10,000 and $12,000 for a few days. Meanwhile, the bears are setting the tone for bitcoin. Over the weekend, the price was following a bullish bias but today the impulsive bearish pressure has engulfed the recent bullish price action with ease. The ban on bitcoin exchanges has now been viewed as a rumor because regulators are more inclined to impose a corporate tax on exchanges rather than shutting them down which indeed is good news for cryptocurrencies. Despite some relief from the recent pressure, market participants are still quite confused about bitcoin investment at present. As for the current scenario, the price is expected to proceed down towards $10,000 price area from where it is expected to bounce higher towards $15,500 price area as a Bullish Continuation Divergence is in progress. As the price remains above $10,000, the bullish bias is expected to continue further. On the other hand, a daily close below $10,000 will lead to a devastating fall which is expected to lead the price towards $6,000 in the future.


The material has been provided by InstaForex Company -