BITCOIN Analysis for December 22, 2017

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Bitcoin has crashed impulsively recently after breaking below the $15,500 support level recently that led the price to fall below $13,500 area as well. Bitcoin is currently struggling to recover the bullish bias over the impulsive bearish momentum as traders and investors have recently started selling Bitcoin at a rapid pace. Many exchanges have paused the trading for Bitcoin due to massive transaction pressure as the price is dropping quite impulsively. Moreover, it is also rumored that Goldman Sachs can start trading in the coming days which might inject some bulls in the market in the future. As for the current scenario, price is very impulsive with the bearish pressure and after breaking below the $15,500 price area, the bearish pressure has multiplied itself. Currently the price is expected to reach towards $9,000 to $11,800 support area. If the price manages to bounce from this support area, the bullish bias is expected to continue again in the coming days. Though the bearish pressure is expected to be temporary, but it has managed to wipe out most of the market players in the process which is indeed not a good sign for this cryptocurrency.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: BITCOIN Analysis for December 22, 2017

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