BITCOIN Analysis for February 28, 2018

Bitcoin has managed to reach above $11,000 price area today but unfortunately could not sustain its gains for long enough. The Bitcoin market is still quite lucrative for some of the market players who does see good potential in the market and expect it to push higher towards $15,500 price area in the coming months. As of the today's strong bearish pressure leading to bullish rejection in the daily candle is currently taken as a retracement sign towards $10,000 before price bounces up higher with a vision of breaking above $12,000 and reaching towards $15,500 price area. As for the current scenario, certain bearish pressure is expected in the Bitcoin but as the price remains above $10,000 price area, the bullish bias is expected to continue with a potential target towards $15,500 price area.


The material has been provided by InstaForex Company -