07.12.201715:36 Forex Analysis & Reviews: BITCOIN Analysis for December 7, 2017

Bitcoin has been breaking several records for the last few days and is currently residing above the record high price of $14,800. Bitcoin is expected to be quite corrective with the gains before the launch of Bitcoin futures on 10^th and 18^th December but before that price has acted quite impulsively with the gains which can result in a certain retracement in the coming days. The price has already moved over $1,700 so far by the last daily candle formation but it indicates further bearish pressure may emerge in the coming days as the price is progressing higher towards $15,000 price area. As of the current scenario, Bearish Continuing Divergence has formed showing a decrease in volumes as the price is moving higher. RSI, Stochastic, and MACD Histogram are indicating an upcoming bearish move which is expected to push the price lower towards $12,500 after a certain bullish pressure higher. The price level $15,000 is a psychological level and a rejection off the level is expected to validate the Bearish Divergence and have impulsive bearish pressure in the coming days.