BITCOIN Analysis for November 23, 2017

analytics5a16e7979cae5.jpg

Bitcoin is still quite corrective and volatile above the $8,000 price level which is being supported by the dynamic levels of 20 EMA, Tenkan and Kijun line. As ECB President Draghi recently spoke about the cryptocurrency and did not reveal any threat. From his viewpoint, Bitcoin will not be affecting the European financial system which was quite positive for the digital currency market’s long-term growth prospects. Recently, due to hack of several Bitcoin wallets the gains of Bitcoin is currently quite stable above $8,000 but it is not making any significant progress towards the target price area of $9,000. As of the current scenario, price has been with the confluence of Kumo cloud as support whereas the higher lows are indicating that the bulls are still quite stable with the gains. Though there is certain consolidation recently, price is expected to proceed higher in the coming days. As the price remains above $7,500 – $8,000 price area, the bullish bias is expected to continue further.

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

Source:: BITCOIN Analysis for November 23, 2017

Won't your trader friends like this?
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Leave a Reply

*