BITCOIN Analysis for February 2, 2018 888011000 110888 The bearish pressure on bitcoin has actually been impulsive and rather unstoppable, so BTC is expected to decline deeper to $7,500 prior to showing any bullish intervention along the method. The support location of $9,200 was pretty strong to hold the price however it failed miserably as the price is presently residing below $8,500 cost location. Currently, the decrease in bitcoin’s value seems to be based on the market belief rather than any external basic forces. After the South Korean issue, India has also stated illegality of crypto trading which supported the bears to take the cost much lower. The crypto market is still going under some regulation pressure from various countries which resulted in less liquidity and a drastic fall in rate. As for the present situation, the cost is anticipated to reach $7,500 cost location. The price is likely to bounce higher to $10,000 and later on to $12,000. As the rate remains above $7,500 cost location with a daily close, the bullish bounce off the level is anticipated for the time being. The product has been provided by InstaForex Company

By | February 2, 2018

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