BITCOIN Analysis for March 12, 2018

Bitcoin has been quite impulsive with the bullish gains after bouncing off the $8,500 price area with a daily close. Recently Bitcoin failed to sustain its momentum to break above $12,000 which led the price to have a drastic fall below $10,000 price area, resulting in further bearish pressure. The recent bearish pressure is assumed to be triggered by the measures from Japan's Regulator to the domestic Bitcoin Exchanges. Recently, several Bitcoin exchanges were shut down in Japan. Currently, the price is struggling to break above $10,000 price area and a daily close above $10,000 is expected push the price higher towards $12,000 in the coming days. As the bullish engulfing candle was quite impulsive, the bulls are currently expected to be more powerful than before to push the price much higher in the future. As the price remains above $8,500 price area, BTC is likely to extend the bullish bias.

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