Bitcoin has been quite indecisive recently having a daily candle close with a bullish gain below $8,500 price area. There have been no high impact fundamentals on Bitcoin recently. As a result, the price is now going through a corrective phase with indecision. The Bitcoin market is currently marked with low liquidity and expected to correct itself for a while before it pushes much lower in the coming days. There are watchdogs which are still trying to regulate the Bitcoin and some countries are banning the Bitcoin exchanges and trading. However, the sustainability of Bitcoin provides an indication of its strength against all the odds in the market currently. As for the current scenario, the price is expected to retest $8,500 price area before it progresses much lower towards $7,500 and later towards $5,500 in the short term. The impulsive bearish pressure can be only observed after $7,500 price area is taken out with a daily close in the coming days. Otherwise, the market is expected to consolidate between $7,500 to $8,500 area.
The material has been provided by InstaForex Company – www.instaforex.com
Bitcoin has been quite indecisive recently having a daily candle close with a bullish gain below $8,500 price area. There have been no high impact fundamentals on Bitcoin recently. As a result, the price is now going through a corrective phase with indecision. The Bitcoin market is currently marked with low liquidity and expected to correct itself for a while before it pushes much lower in the coming days. There are watchdogs which are still trying to regulate the Bitcoin and some countries are banning the Bitcoin exchanges and trading. However, the sustainability of Bitcoin provides an indication of its strength against all the odds in the market currently. As for the current scenario, the price is expected to retest $8,500 price area before it progresses much lower towards $7,500 and later towards $5,500 in the short term. The impulsive bearish pressure can be only observed after $7,500 price area is taken out with a daily close in the coming days. Otherwise, the market is expected to consolidate between $7,500 to $8,500 area.
The material has been provided by InstaForex Company – www.instaforex.com
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