Bitcoin has been impulsively bearish and volatile recently, taking the price towards the support area between $16,600 and $17,400. The price is currently struggling to bounce off the support area whereas the impulsive pressure of bears seemed to be quite strong this time. Since the break above $8000 price area, Bitcoin’s deepest retracement is currently going on. The bearish pressure is speculated as the investors are looking for a much cheaper alternative to Bitcoin and pulling their funds out of the Bitcoin market. Bitcoin is indeed the most promising cryptocurrency and the flagship of it but the struggle seems to be very short as the upcoming trading of futures from January 2018 is expected to make the price surge much higher. As for the current scenario, BTC is trading inside the support area of $16,600 to $17,400. The confirmation of further bullish impulsive pressure is expected to hit market after the price breaks above the $18,000 with a daily close. Until price breaches the $18,000 level in the coming days, the bearish pressure is expected to continue further.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Rocky Yaman,
InstaForex Group © 2007-2017
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