Weekly Analysis for Bitcoin price
The BTCUSD pair is being widely traded by investors even as the markets are searching for other alternatives for trading as well as earning attractive profits. On Friday, the bitcoin price dropped in the wake of negative market pressure to move below the 14409.00 mark and settle right there. If the prices move below further, then it would test the 13167.00 level at the beginning. On the other hand, if the bitcoin price goes up and over 14409.00 levels, it would revive bitcoin’s overall scenario and put in a positive position all over again. In such a case, bitcoin will start moving at 16416.00 and move further to reach 17658.00.
It must be noted that Bitcoin has earlier gone up by almost 1%, or around 100 dollar owing to New Year and Christmas holidays. After witnessing significant losses on Thursday, Bitcoin witnesses short covering even as the authorities in South Korea are keen to shut down bitcoin’s trading platform sooner or later. In fact, South Korea is also planning to stop traders from opening accounts for trading bitcoin as well as other cryptocurrencies and is also keeping a track of all such suspicious transactions.
Recently, bitcoin tumbled as traders took heavy but usual profits in view of the upcoming Christmas and New Year holidays. However, a good number of traders are of the opinion that the bitcoin has now started to tumble down, which has further resulted in a bubble popping, something that many investors had already expected. Bitcoin has gone above seventeen hundred percent in 2017 to touch a record figure of $19,666 before tumbling down and shedding more than 30 percent of its market price/value.
As far as USD is concerned, on Friday the currency dropped to its lowest in more than 3 months as opposed to some of the major forex currencies. This happened largely due to an overhaul in the U.S. taxes. According to financial experts, the U.S. dollar will continue to remain behind against other leading currencies in the year 2018, even as the Fed has indicated that it will hike the rate of interest further.
The dollar index stood at a fourteen year high during the initial months of 2017 after investors hoped that the United States President Donald Trump pro-growth plans would usher would lift the economy further. However, Trump and the Republic members have failed to clear the legislation and have only managed to rewrite the country’s taxation reform policies so far.
Apart from this, a large number of institutional traders close books of accounts towards the end of the year, which is also why the dollar is being further sold by investors. Bitcoin was hovering in the $20,000 price area around 2 weeks ago. However, the cryptocurrency may not reach that particular figure in view of the recent drop in the bitcoin prices. Nevertheless, 2017 has been full of events for the bitcoin prices as well as other cryptocurrencies. Their prices went up massively and resulted in the cryptocurrencies gaining a great deal of traction.
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I've been a professional trader for over 5 years.
Currently I work as forex analyst for different investment companies.
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