Bitcoin Analysis for September 11, 2017

Bitcoin has been very volatile recently with great consolidation in the process. The Chinese ban on initial coin offerings had a significant impact on the cryptocurrency. Moreover, the Chinese regulator is also thinking of banning Bitcoin, which could lead to a drastic fall in the demand. The reports are still not confirmed and the market sentiment is still confused, which led to further correction. Currently, the price is residing between the range of 3,917.20 to 4,386.80, so no directional movement is expected to hit the market soon. A daily close above the range resistance or support will lead to further directional bias in this instrument. Currently, the dynamic level of 20 EMA is holding the price lower below the resistance level of 4,386.80 along with the Kijun Sen resistance as well. As for the technical view, there is a certain possibility that the price will break below the support level of 4,386.80 and head downwards to the 2,870.00 support area. The current bias remains non-directional until the price breaks on either way with an impulsive daily close.

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Source: Forex Review