FX.co ★ BITCOIN Analysis for January 12, 2018

Bitcoin is currently struggling at the edge of $13,000 price area on the way to break below this price level in the coming days. The challenges and pressure from the global regulators for Bitcoin has been the biggest barrier against the bullish sentiment. South Korean ban on local cryptocurrency exchanges has been in effect by now. No wonder, the market sentiment is currently not quite sure about the growth of Bitcoin in the recent future. As for the recent Chinese Bitcoin Mining situation, the growth is speculated to be very low which also is a big factor to affect the growth of the Bitcoin's value. As for the current scenario, Bitcoin is expected to proceed much lower towards $11,000 price area amid confluence with Dynamic levels of 20 EMA, Tenkan, and Kijun line. Considering the current Bitcoin price action cycle, the price is expected to be quite impulsive with the bearish gains after it clears $13,000 with a daily close.