BITCOIN Analysis for April 19, 2018

Bitcoin has been consolidating above $8,000 price area for a while. The price is being supported by the dynamic levels of 20 EMA, Tenkan and Kijun line respectively to push further upwards. The slower momentum of the bulls is currently raising questions on the reliability of the bullish trend it has formed recently. The price is expected to gain impulsive momentum after it clears above $8,500 price area with a daily close targeting towards $10,000 in future. The lack of fundamentals and market participants in the market account for the slow and steady price action in Bitcoin. As for the currents scenario, the bulls are still sustaining prior gains and expected to push much higher in the coming days as the price remains above $7,000. The Kumo Cloud has broadened its edge from Span A to Span B which also explains the reliable support. The price has to support its bullish pressure. As the price remains above $7,000 area, the bullish bias is expected to continue further.

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