BITCOIN Analysis for January 5, 2018

Bitcoin has finally broken above the $15,500 price area recently, which is expected to help the cryptocurrency to proceed further upward in the coming days. The stable growth of bitcoin indicates that it is currently converting itself as a mature trading instrument after moving to the futures market. There are currently new market participants who have a different point of view about the bitcoin volatility and due to the recent pressure from the regulators, the impulsive bullish push for the bitcoin has reduced significantly. As of the current scenario, the price has been quite impulsive with the bullish break above the $15,500 price area where the dynamic levels of 20 EMA, Tenkan and Kijun line has worked as support quite well to push the price higher. As the price remains above $13,500 and dynamic levels, the bullish bias is expected to continue further with the recent target towards $17,250 and later towards the $19,600 price area.

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