Analysis of bitcoin for January 09, 2018
Bitcoin has been impulsively bearish after bouncing off the $17,000 price area recently. The price has been ranging between $13,000 to $17,000 for a while, but the market trend is yet to be defined. The correction is currently quite obvious for the Bitcoin market as the cryptocurrency is being traded in the futures markets and the behavior of a mature market can be clearly identified here. As of the recent increase in price for the altcoins like Lite Coin, Ethereum and Ripple, Bitcoin is slowly coming out of the lime light while investors are seeking for more diversified investment in the cryptocurrency market. As of the current scenario, the price is showing some bullish retracement towards the dynamic level of 20 EMA which might lead to further correction in this financial instrument. However, as the price remains above $13,000 price area, the bullish bias is going to continue and we can expect the price to move higher towards $17,000 again in the coming days. Despite having challenges and diversification, Bitcoin has managed to remain above $10,000 price area after the long impulsive gains last year which is really brilliant and this bubble will need some more time to burst in the future.
The material has been provided by InstaForex Company - www.instaforex.com
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