BITCOIN Analysis for March 29, 2018

Bitcoin is currently residing at the important price area of $7,500. If the price breaks below with a daily close, further impulsive bearish momentum is expected. Currently, there has been some news about crypto mining in some cities like New York and Plattsburgh. Besides, Twitter announced a ban on the advertisement of cryptocurrencies in any forms. No wonder this changed the market sentiment about bitcoin to bearish. Another bad news is that bitcoin mining is also getting more expensive than before that led to closing certain portions of bitcoin mining as well as the profit ratio has been affected. As for the current scenario, the price is making impulsive moves inside the bearish trend. A daily close below $7,500 will expose the risk of further impulsive bearish pressure in the coming days. As the price remains below $8,500 with a daily close, the bearish bias is expected to continue.

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