21.11.201716:08 Forex Analysis & Reviews: BITCOIN Analysis for November 21, 2017

After an impulsive bullish move, the price has remained above $8,200 area, aiming for a retracement which was observed in the market recently. Bitcoin has shown some sharp bearish pressure recently which made the price fall towards $7,700 price level but as usual the price has regained the bullish momentum after bouncing off the Kumo Cloud support area and is currently residing above $8,200 price area. There are many talks about launching Bitcoin Options which can be labelled as rumors. However, if the event occurs Bitcoin is expected to gain more impulsive bullish momentum in the coming days. As of the current scenario, price is expected to correct itself a bit between the range of $8,000-$8,250 before breaking above it and making an impulsive move with target towards $9,000. As the price remains above the Kumo Cloud support and $7,500, the bullish bias is set to continue further.