BITCOIN Analysis for January 4, 2018

The bitcoin price is still struggling to break above the $15,500 price area and has been rejected off it several times. Though bigger corporations take interest in and invest in bitcoin, but still it is lacking the liquidity and market flow needs to push it higher impulsively. Additionally, the introduction of bitcoin futures that lets traders bet on the downside movements and regulators of various countries trying to regulate bitcoin on their way are putting a lot of pressure recently. Though this is not quite new for bitcoin to struggle with a strong pullback and correction before a long high jump, but this time the process has slowed a little bit. As of the current scenario, the price is currently being supported by the dynamic levels of 20 EMA, Tenkan, Kijun and Kumo Cloud. As the price remains above $13,500 and these dynamic levels, the bullish bias is expected to continue further with a target towards $17,2250 in the coming days.


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