FX.co ★ Bitcoin Analysis for September 21, 2017

Bitcoin has struggled for a long time at the edge of $4,000.00 with the view of breaking above to create higher highs and higher lows to facilitate the gains for the coming days but resulted to drastic fall below the bouncing off. The effect of Chinese Bitcoin exchange ban has not yet worn off and more countries are joining in to claim Bitcoin as unreliable and fraud. Due to bad reports around, the Bitcoin demand has been affected very strongly leading to profit taking by the investors in the market by selling the Cryptocurrency at a greater rate. As for the current situation, the price has bounced off the resistance level of $4,000.00 where the price has attacked for several times to break above. The price is currently impulsively bearish after the bounce and expected to proceed much down towards $3,000.00 support area in the coming days. As the price remains below $4,000.00 level with a daily close, the bearish pressure is expected to continue further in the coming days.