Bitcoin has been quite rapid with the gains recently which took the price all the way to the record high price above $16,600. As expected, the price is currently coming down quite impulsively after the recent impulsive move which was analyzed to be a fake move having a Bearish Divergence below $15,000. The rapid move higher was a sign for a drastic fall of the cryptocurrency which is currently being observed. As of the current scenario, price is expected to reach the Kumo Cloud Support which resides at the price area of $13,500-$14,000. The dynamic levels of 20 EMA, Kijun and Tenkan line could not quite hold the bearish pressure and made the price break downward sharply. The price is expected to be bearish and may lead to much lower support at $11,800 price area before it comes back up higher in the coming days.
The material has been provided by InstaForex Company – www.instaforex.com