BITCOIN Analysis for January 3, 2018

Bitcoin has been quite sustainable with the recent gains and was able to push higher towards the $15,000 price area recently. The recent gains have been speculated amid the latest investment in bitcoin from various organizations like Founders Fund. The big investments do indicate that bitcoin is here to stay and not going to disappear very soon. The regulators are still trying to control the bitcoin transactions, for which the price action has been quite corrective though gaining momentum steadily. As of the current scenario, the price is residing just below the event price area of $15,500; and a daily close above the price area will lead to further bullish pressure in the coming days with a target towards $17,250. Moreover, the dynamic levels of 20 EMA, Tenkan, Kijun and Kumo Cloud are currently working as a support. As the price remains above the dynamic levels and the $11,200 price area, the bullish bias is expected to continue further.

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The material has been provided by InstaForex Company - www.instaforex.com