BITCOIN Analysis for April 18, 2018

Bitcoin has been consolidating recently for a few days which is expected to push higher towards $8,500 price area pretty soon along with certain corrections along the way. As for the current market price structure formation, more market participants are being encouraged to invest in Bitcoin which is expected to lead to further bullish pressure in the coming days. Though there has been a certain shock about the exchanges in Japan being shut down but this event did not have much impact on the Bitcoin bullish pressure which also explains the strength of the bulls in the current market situation. As for the current scenario, price is residing at the edge of dynamic levels support of 20 EMA, Tenkan and Kijun Line from where Kumo Cloud is also expected to support the bullish gains to proceed higher towards $8,500 and later towards $10,000 in future. As the price remains above $7,000 with a daily close, further bullish pressure is expected in the market.

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The material has been provided by InstaForex Company - www.instaforex.com