Bitcoin has been quite impulsive with bullish gains recently which lead the price towards $11,500 price area before showing some bullish rejection off it. The expected range of $8,000 to $12,000 seems to be quite legitimate as the price has found the resistance boundary to consolidate inside the area quite well. The Bitcoin market seems to be stabilizing itself having pressures from the South Korean regulators. Moreover, the Bitcoin market seems to be quite low in liquidity due to diversified investment in ALT Coins, whereas the diversification impact is not quite as expected. As of the current scenario, after an impulsive bearish pressure off the $11,400 – $11,500 price area, the price is expected to proceed lower towards $10,000 again in the coming days. There is currently no definite trend whereas hedge traders are enjoying it by trading Bitcoin Futures. As the price remains inside the range of $8000 – $12,000 area, the corrective phase is expected to continue.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Rocky Yaman,
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