BITCOIN Analysis for February 16, 2018

Bitcoin has been quite indecisive today after recent impulsive bullish gains since it bounced off the $6,000 support area. The price managed to break above $10,000 price area but could not sustain the bullish momentum which led to uncertainty along the way. Recently, due to ease in Chinese regulation for the Bitcoin, the price has been showing steady bullish gains. Moreover, Chinese bulls are expected to push the price much impulsively in the coming days. As for the current scenario, the daily close above or below $10,000 price area today will lead to a further definite trend in the coming days. On the other hand, certain correction is expected if the price breaks up higher with a target towards $12,000 price area.

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