BITCOIN Analysis for April 10, 2018

Bitcoin is still quite non-volatile with the bearish pressure recently. The price is expected to proceed lower towards $5,000-$5,500 price area. The impulsive bearish price action with confluence to the dynamic level of 20 EMA and Tenkan line is currently indicating further bearish pressure that will lead to much lower price action in the coming days. Despite lack of fundamental news on the Bitcoin or crypto trading, certain bearish pressure is expected to be the retracement before the bounce higher off the support area. The recent news about George Soros investing in crypto trading has provided enough evidence to market participants and speculators about reliability of crypto trading but the news failed to have an immediate impact on the price of Bitcoin. As for the current scenario, the price is expected to proceed towards the $5,000-$5,500 price area and after that a bounce is expected with bullish intervention with a target towards $7,000 in the future.

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